HARRISBURG, Pa. (WHTM) — Department of Community and Economic Development (DCED) Secretary Dennis Davin and the Ben Franklin Technology Development Authority (BFTDA) announced that $1 million has been awarded to the Global Opportunity Philadelphia Fund to invest in early stage technology companies in the Greater Philadelphia region.
The Global Opportunity Philadelphia Fund was formed by Ben Franklin Technology Partners of Southeastern Pennsylvania (BF-SEP), with offices located at the Philadelphia Navy Yard, to invest in new companies and stimulate economic growth in Pennsylvania.
“The Bens have had a longstanding and impactful legacy across Pennsylvania, and the development of the Global Opportunity Philadelphia Fund will only further the mission and reach of Ben Franklin Technology Partners of Southeastern Pennsylvania,” said Sec. Davin. “Now, more than ever, we need to invest in promising companies and promising technology to create a promising future, and the Global Opportunity Philadelphia Fund will make the strategic investments necessary to secure that future in Philadelphia and beyond.”
The Global Opportunity Philadelphia Fund will invest in follow-on rounds of opportunities primarily among BF-SEP portfolio companies and will not be focused on one specific industry. However, it will concentrate on sectors that BF-SEP currently emphasizes such as information technology, health, digital health and advanced manufacturing. Ultimately, the Fund will hold approximately 20 companies. BF-SEP annually reviews hundreds of deals and, over the past decade, has funded about 30-40 start-ups per year.
The $1 million approved today reflects the agency’s desire to provide additional support to BF-SEP activities in the PA region while reflecting the team’s experience and history of returning capital to investors.
As one of the largest state technology development programs in the nation, the Ben Franklin Technology Development Authority was established to promote an entrepreneurial business environment, advance technology innovation, and create a technology-ready workforce.
The mission of the Ben Franklin Technology Development Authority (BFTDA) is to encourage and coordinate programs and investments, which advance the competitiveness of Pennsylvania companies and universities in the global economy.