PIDC Announces Selection of Ben Franklin Technology Partners (Ben Franklin) as Investment Partner in New StartupPHL Seed Fund II
The $5M Seed Fund II is next phase of StartupPHL investment fund aimed to increase availability of early-stage capital in the local startup community.
Philadelphia, PA (March 15, 2018) – PIDC, Philadelphia’s public-private economic development corporation and partner with the City of Philadelphia in the StartupPHL initiative, today announced Ben Franklin Technology Partners (Ben Franklin), a leading seed stage capital provider for the region’s technology sector, will be the new investment fund manager for StartupPHL Seed Fund II. With a target of $5 million and a focus on seed and early-stage technology ventures, the investment fund brings needed capital to Philadelphia startups.
“We are excited about joining with Ben Franklin on the StartupPHL Seed Fund II,” said John Grady, President of PIDC. “We want to continue to invest in our thriving startup community as early as possible to support leverage, growth and returns as well as increase accessibility to capital.”
StartupPHL Seed Fund II launches with $3.5 million of initial capital from PIDC ($1.75M) and Ben Franklin ($1.75M). PIDC and Ben Franklin are currently exploring opportunities with additional investors. Seed Fund II will target investments averaging $150,000-$200,000 in seed and early-stage technology companies in Philadelphia.
“Ben Franklin has averaged roughly 30 investments in new Philadelphia-based startups over the last five years—and 43 in 2017 alone. That growth is a great reflection of the opportunity here,” said RoseAnn B. Rosenthal, President and CEO of Ben Franklin. “This partnership with PIDC to create StartupPHL Seed Fund II will build on that successful track record of identifying and pursuing investment opportunities and leverage additional new investments and deal flow in Philadelphia.”
Requirements for the StartupPHL Seed Fund II include that applicants are a Philadelphia-based, early-stage technology business. Startups and entrepreneurs interested in applying should initiate discussions with Ben Franklin. Learn more at www.sep.benfranklin.org or attend one of the regular Meet Ben events throughout the region.
The StartupPHL Seed Fund II builds on the success of Seed Fund I. In this first iteration of the investment fund, PIDC co-invested with fund managers Josh Kopelman and First Round Capital in 12 local start-ups over 3 years, investing more than $6M and leveraging an additional $38M in follow-on capital raised by companies.
The StartupPHL Seed Fund is just one element of the broad StartupPHL initiative which aims to make Philadelphia a more attractive environment to launch and grow a business. StartupPHL is a collaborative effort between the City of Philadelphia’s Department of Commerce and PIDC encompassing a range of programs including Call For Ideas grants and several measures to enhance viability and connectivity of the startup community.
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Ben Franklin is the most active early stage capital provider for the region’s technology sectors. Ben Franklin combines best practices of venture capital with a public-spirited purpose: leading the region’s technology community to new heights, creating jobs and changing lives for the better. Ben Franklin is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority. www.sep.benfranklin.org
PIDC is Philadelphia’s public-private economic development corporation. A non-profit founded in 1958 by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, PIDC’s mission is to spur investment, support business growth, and foster developments that create
jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. For more information about PIDC, visit www.PIDCphila.com and follow @PIDCphila on Twitter and Facebook.
StartupPHL is a forward thinking initiative inspired by and rooted in Philadelphia’s innovative history and spirit. A collaborative effort between the City of Philadelphia’s Department of Commerce and PIDC, StartupPHL aims to support entrepreneurs in the city who bring energy, idas and vitality to Philadelphia as well as further enable the existing entrepreneurial talent that resides in the City’s different neighborhoods to flourish. More information about StartupPHL can be found at www.startupphl.com