Wolf Administration Announces Up to $5 Million in Funding for Investments in Start-Up Companies
Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Dennis Davin and the Ben Franklin Technology Development Authority (BFTDA) announced that up to $5 million has been approved for three venture capital firms to invest in start-up companies in Pennsylvania.
“It is critical that we invest in start-up companies now for the benefit of our future, and the investments made today will help promising businesses receive the assistance they need to take their next step,” said Sec. Davin. “Investments in budding industries and technologies will position Pennsylvania as the best place to live and work, with a friendly business climate and an enhanced quality of life.”
The following projects were approved at today’s BFTDA board meeting:
- Up to $2 million was recommended for SeventySix Capital Fund II, LP.
- SeventySix will source early stage high-growth companies with a focus on sports digitalization, esports, and sports betting. SeventySix will initially invest $250,000 to $2 million in each company with a reserve for follow-on investment, and the portfolio will likely hold 20-25 companies.
- Up to $2 million was recommended for 412 Venture Fund, LP.
- The fund will target investments of $100,000 to $1 million in pre-seed and early-stage companies with a primary focus on opportunities that have an affiliation with Pittsburgh. The 412 team will apply their expertise to companies exhibiting unique technology, an ability to scale, a product that has exhibited some level of market validation, strong leadership, and a connection to Pittsburgh. In addition to investing in companies that originate in Pittsburgh, the fund will make efforts to attract businesses to Pittsburgh.
- $1 million was recommended for SoundBoard Venture Fund, LP.
- The fund will target investments in pre-seed and early-stage companies, and will likely emphasize deals pertaining to agriculture, insurance, manufacturing, real estate/construction, supply chain/logistics, and urban planning/transportation.
The funding approved today reflects BFTDA’s desire to provide additional support to start-up companies in Pennsylvania 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.
Casey Smith, DCED, email@example.com