GO Philly Fund Reveals First Investments
Marketing technology firms Sidecar Interactive and Clutch are the first companies to land an investment from Ben Franklin Technology Partners’ new Global Opportunity Philadelphia, or GO Philly, Fund.
The regional, state-backed seed fund announced the investments Tuesday morning, about six months after it launched the GO Philly Fund in an effort to close a gap in the local investing ecosystem and help its portfolio companies stay and grow in the Philadelphia area.
The fund, which has raised about $25 million out of its $50 million goal, contributed $1 million to Center City’s Sidecar’s recent $7.5 million funding round and $750,000 to Ambler-based Clutch as part of a $2.5 million senior preferred note that is preceding an upcoming Series C.
Ben Franklin Technology Partners of Southeastern Pennsylvania is an early investor in both companies. The nonprofit, which is also tasked with spurring economic development in the state, worked with Newtown-based enterprise software company EPAM Systems inc. (NYSE: EPAM) to create the fund and designed it to fill an unmet need in the region, said Chief Investment Office Scott Nissenbaum.
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