PENNSYLVANIA — On Wednesday, Department of Community and Economic Development (DCED) Secretary Rick Siger announced that $3.75 million of federal State Small Business Credit Initiative (SSBCI) funds have been awarded to two venture capital firms via the Ben Franklin Technology Development Authority (BFTDA). These funds will be invested in early-stage technology companies based in Pennsylvania, fueling growth, innovation, and job creation.
The BFTDA allocated $1.5 million to BTVC Fund I, LP, an Allegheny County-based fund led by Catherine Mott and Sreekar Gadde. This fund will target 15-20 early-stage technology firms in Western Pennsylvania, with investments ranging from $500,000 to $2 million.
An additional $2.25 million was awarded to Metallum Ventures, LP, an offshoot of Atlanta-based Bronze Valley Corp. Metallum, led by founders Neill Wright, Robert Crutchfield, and Anthony Abney, is expanding its presence in Pennsylvania and will offer patient capital to Bronze Valley Corp sponsored startups for expansion efforts.
Under Governor Shapiro’s proposed budget, additional DCED investments include increases for the Pennsylvania First Program, the Manufacturing PA Innovation Program, the Strategic Management Planning Program, the Municipal Assistance Program, and the Foundations in Industry Program.
The BFTDA, one of the oldest and most emulated state technology development programs in the nation, continues its mission to promote an entrepreneurial business environment, advance technology innovation, and create a technology-ready workforce, further strengthening Pennsylvania’s global economic competitiveness.
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