Venture Capital Firm Moving to West Philly

Mayor Nutter's office announced this morning that leading venture capital firm First Round Capital will move its headquarters from West Conshohocken, opening a 10,000-square-foot office in the West Philadelphia building that once housed the first Urban Outfitters location.

Although the company will employ just 10 people, Nutter called the move "a game changer."

"When one of America's leading entrepreneurs and investors see Philly as place of ideas and innovation ... and feels the need to be part of it, he sends and incredibly strong message about what is going on in the city," Nutter said in a statement.

The move was first reported this morning by the Inquirer's Joseph N. DiStephano, in his PhillyDeals column.

First Round Capital is headed by Josh Kopelman, who co-founded the company Infonautics Corporation in 1992, while still a student at the University of Pennsylvania. The company went public four years later. He since has been named by Newsweek as one of the top ten angel investors in the country.

First Round's new headquarters, just off Penn's campus, will host five start-up companies, including Uber Philadelphia, Curalate and Technically Philly. There will be space for two dozen other entrepreneurs to develop their ideas.

"For me, this is more than just an office move," Kopelman said, in a news release. "It's a way for me to get more involved in helping local entrepreneurs get their businesses off the ground."

The new building will open on Sept. 19, after a ceremony attended by the mayor.

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