New State Funding Will Support Venture Capital Investments in Pennsylvania Businesses
Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Dennis Davin announced a new Venture Capital Investment Program project approval through the Commonwealth Financing Authority (CFA) that will invest primarily in lower middle-market manufacturing and business service companies.
“Venture capital investments not only help support businesses across Pennsylvania, but support the creation of jobs and the improvement of our overall business climate,” said Sec. Davin. “This assistance demonstrates the power of making strategic investments in companies that could make a profound impact on the commonwealth’s workforce and economy.”
Argosy Associates VI, LLC was approved for $2 million to invest in at least 20 companies with high-growth potential, with a minimum of $2 million in cash flow and demonstrating $10 million to $100 million in sales. The firm plans to invest between $10 million and $20 million in these businesses. Since 1997, Argosy has invested in 119 operating companies in the six sectors of aviation services, business franchising, engineered materials, industrial electronics, industrial manufacturing, and industrial services.
As Argosy focuses on growth-stage companies, its portfolio companies have been substantial job creation vehicles and serve as a major economic development contributor within the CFA Venture portfolio. These projects have supported and created more than 500 new jobs during the course of investing and has provided a competitive return on taxpayer investment.
The Pennsylvania Venture Capital Investment Program is a $60 million fund designed to provide loans to venture capital companies to invest in young job-producing companies located in the commonwealth. Fifty percent of funds are made available to venture capital partnerships that operate locations in historically underserved areas of Pennsylvania, defined as areas outside the Philadelphia area and those with populations below one million residents.
Argosy Capital, headquarted in Wayne, was formed in 1990 by Kirk B. Griswold and John P. Kirwin, III. The firm runs three strategic verticals that cover private equity, private debt, and private real estate.
J.J. Abbott, Governor’s Office, 717.783.1116
Casey Smith, DCED, 717.783.1132