A global partnership raises Philadelphia’s profile for startups
December 12, 2017 (Philadelphia, PA) – Ben Franklin Technology Partners of Southeastern Pennsylvania (Ben Franklin), a venture capital and economic development firm, joins the DVN Beta program of Draper Venture Network, a self-governed organization of global independent venture funds.
The news comes after a recent report, compiled by the U.S. Chamber of Commerce Foundation and D.C.-based incubator 1776, which names Philadelphia as the No. 3 spot on a yearly ranking of the nation’s 25 top startup cities. Philadelphia ranks third among startup markets in the report, jumping five spots from the previous year, and behind only Boston and the Bay Area.
“As a non-traditional economic development organization, forging partnerships with a global network like the Draper Venture Network speaks to the momentum Philadelphia is building on the national startup scene,” says Scott Nissenbaum, Chief Investment Officer at Ben Franklin. “Being a part of the network will bring our companies closer to Draper’s global network of venture capital funds and hundreds of corporate partners world-wide.”
Since its inception, Ben Franklin has invested over $200M in seed stage companies, leading to the creation of 32,000 jobs in Greater Philadelphia as a result of its investments. The firm’s current portfolio includes 202 companies working in the areas of IT, digital health, health, and physical sciences.
“Ben Franklin is building a network around Philadelphia that we are building globally.“ says Tim Draper, Founder of Draper Associates and Draper Fisher Jurvetson,“By providing strategic introductions and access to corporate partners and industry leaders, we will bring visibility and scale to the region.”
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
About Draper Venture Network and DVN<>Beta
Draper Venture Network is a robust venture collective that brings together experienced investors and innovative entrepreneurs from across sectors and continents to share strategies, source opportunities, and create greater value. The Network was started in 1990 and has since grown into a self-governed organization of independent venture funds on four continents that cooperate on investment diligence, marketing intelligence, corporate relationships and co-investments. The DVN Beta program, launched in 2015, is aimed towards seed-stage and micro VC funds, providing them with similar resources and exposing them to the world’s best investors and investment infrastructure.