PIDC, Philadelphia’s public-private economic development agency, has added a seasoned investment partner for the next round of its StartupPHL seed fund: Ben Franklin Technology Partners.
StartupPHL Seed Fund II will launch with $3.5 million — $1.75 million each coming from PIDC and Ben Franklin, with additional investors possible, the groups announced Thursday. Their target is $5 million.
Seed Fund II will make investments averaging from $150,000 to $200,000 in young technology companies in Philadelphia. More information on the fund and requirements for applicants can be found at sep.benfranklin.org.
In Seed Fund I, 12 start-ups received more than $6 million from PIDC and its then-co-investors — Josh Kopelman and his First Round Capital. Kopelman is also board chairman of Philadelphia Media Network, which operates the Inquirer, Daily News, and Philly.com.