SOUTHEASTER PENNSYLVANIA — Ben Franklin Technology Partners of Southeastern Pennsylvania has recently completed a first close of its Global Opportunity Pennsylvania Fund II, L.P.. This growth-stage venture fund is designed to invest in technology-focused enterprises throughout the Commonwealth of Pennsylvania.
Anchor investors for this fund include Ben Franklin and Fulton Bank, with notable commitments from the Ben Franklin Technology Development Authority (BFTDA), WSFS Bank, Robin Hood Ventures, and Investors Circle.
Nationally ranked among the most active seed and early-stage investors, Ben Franklin helps high-growth innovative enterprises plant and nurture their roots, creating both immediate connections and lasting economic growth. The nonprofit has supported more than 2,000 companies to deliver an impact of more than $5 billion and 32,000 jobs in the Philadelphia region.
Raising approximately $28 million in its first close, the GO PA Fund has already exceeded the total $24.3 million raised by Ben Franklin’s prior fund, the Global Opportunity Philadelphia Fund I, L.P. (the “GO Philly Fund”).
The GO PA Fund seeks up to $100 million in capital commitments, and intends to primarily invest in follow-on investments selected from over 600 current and future portfolio companies of the statewide network of four Ben Franklin Technology Partner entities. These entities serve Southeastern Pennsylvania, Northeastern Pennsylvania, Central and Northern Pennsylvania, and Southwestern Pennsylvania (collectively, the “Ben Franklin Network”). The GO PA Fund will seek to make investments of $1 million to $5 million per company, depending on the final fund size.
“The GO PA Fund will seek to capitalize on Ben Franklin’s investment experience, which includes investments in over 200 companies in the Philadelphia region,” said Scott Nissenbaum, President and CEO of Ben Franklin. “The GO PA Fund’s goal is to give Pennsylvania’s technology-focused companies even greater capital resources to thrive, while aligning investors within and beyond the Commonwealth with their success.”
Fulton Bank’s Senior Vice President and Regional Commercial Executive, Lou Lombardi, highlighted the thriving life sciences and technology sectors across the State of Pennsylvania. “Fulton’s investment in this fund represents our commitment to providing much needed capital to help fuel the growth of the life sciences and technology sectors in Pennsylvania. We are very excited about this partnership,” he said.
For more information about the GO PA Fund, visit the fund’s official website.
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