October 5, 2018
Earlier this year in March of 2018, PIDC announced a new partnership for the next phase of the Seed Fund with Ben Franklin Technology Partners, a leading seed stage capital provider for the region’s technology sector, selected as the investment fund manager for StartupPHL Seed Fund II. With a target of $5 million, the investment fund brings needed capital to Philadelphia startups. StartupPHL Seed Fund II launched with $3.5 million of initial capital from PIDC ($1.75M) and Ben Franklin ($1.75M). Seed Fund II targets investments averaging $150,000-$200,000 in seed and early-stage technology companies 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. To learn more, visit www.sep.benfranklin.org or attend one of the regular Meet Ben events throughout the region.
The StartupPHL Seed Fund is a part of StartupPHL — a broader collaborative effort between the City of Philadelphia Department of Commerce and PIDC. StartupPHL aims to support entrepreneurs in the city who bring energy, ideas, and vitality to Philadelphia. The initiative also aims to further enable the existing entrepreneurial talent that reside in the City’s neighborhoods to flourish. StartUpPHL has three primary objectives — 1) be the gateway to Philly tech connections, 2) provide funding for early stage entrepreneurs through the StartupPHL Seed Fund, and 3) provide access to technology and entrepreneurial training for all neighborhoods in Philadelphia through the Call for Ideas grant program.
Read more about StartupPHL at www.startupphl.com.
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