PIDC, Philadelphia’s public-private economic development corporation and partner with the City of Philadelphia in the StartupPHL initiative, has partnered with Ben Franklin for StartupPHL Seed Fund II, to invest in seed and early-stage technology-focused enterprises located in the City of Philadelphia.
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.
Q: What is StartupPHL Seed Fund II?
A: An investment fund specifically focused on seed and early-stage ventures, targeting $5M in funding for Philadelphia-based businesses. Goals of the fund are to bring attention and capital to local startups at the earliest stage feasible and to make successful investments that will generate future returns for the fund.
Q: How does it work?
A: PIDC and Ben Franklin have each pledged $1.75M to fund the growth of seed and early-stage companies in Philadelphia. 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, StartupPHL Seed Fund II investments 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 Philadelphia.
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 by attending a Meet Ben session or by applying for funding with Ben Franklin.
Q: When does this start?