Venture Chesco has allocated $4 million to invest in emerging and growing companies located in, committed to locating in, or with significant business presence in Chester County. The fund is composed of $2 million in County funds matched by $2 million in Ben Franklin funds that will be used to invest in new technology companies and existing companies looking to apply new technologies to their business operations.
Ben Franklin will help identify companies and technologies suitable and appropriate for funding, and manage the process of assessing the companies and the technologies for possible investment from the Venture Chesco fund. Venture Chesco fills a critical early stage funding gap in the growth cycle of Chester County’s young companies and companies looking to apply technology to improve business performance. For progress toward Chester County’s Vista 2025 goals, this fund will help add to the growing innovation culture in the county.
Q: What is it?
A: An investment fund specifically focused on seed and early-stage ventures, providing $4M in funding for Chester County based businesses. Goals of the fund are to bring attention and capital to startups at the earliest stage feasible and to make successful investments.
Q: How does it work?
A: Ben Franklin and the Chester County Retirement Board have each pledged $2 million to fund the growth of seed and early-stage companies in, committed to locating in, or with significant business presence in Chester County.
Ben Franklin will be responsible for due diligence on prospective companies. Ben Franklin will manage the investments in qualifying companies.
Q: Will other investors be able to participate in these rounds?
A: Yes. Additional investors are encouraged and welcome. Like all investments managed by Ben Franklin, Venture Chesco will require matching investments in each round.
Q: What companies can qualify for this funding?
A: Seed and early-stage technology companies located in, committed to locating in, or with significant business presence in Chester County.
Q: What will be the size of funds committed in each company?
A: Average investment size is anticipated between $150,000 and $200,000.
Q: Can companies receive multiple rounds of funding from this partnership?
A: Yes, companies can pursue multiple rounds of funding.
Q: How can companies pursue this funding opportunity?
A: Interested companies should initiate discussions with Ben Franklin. Learn more at www.sep.benfranklin.org, and by attending one of the regular Meet Ben events throughout the region.
Q: When does this start?