Ben Franklin Technology Partners of Southeastern Pennsylvania has completed a first close of its Global Opportunity Pennsylvania Fund II, L.P., a growth stage venture fund to invest in technology-focused enterprises located across the region.
Anchor investors included Ben Franklin and Fulton Bank, as well as notable commitments from the Ben Franklin Technology Development Authority (BFTDA), WSFS Bank, Robin Hood Ventures and Investors Circle.
Raising approximately $28m in its first close, the GO PA Fund invests in growth stage, technology-based enterprises in the Greater Philadelphia region.
The GO PA Fund seeks up to $100m in capital commitments, and intends to primarily invest in follow-on investments selected from over 600 current and future portfolio companies of the statewide network of four Ben Franklin Technology Partner entities, serving Southeastern Pennsylvania, Northeastern Pennsylvania, Central and Northern Pennsylvania, and Southwestern Pennsylvania (collectively, the “Ben Franklin Network”). The GO PA Fund will seek to make investments of $1m to $5m per company, depending on the final fund size.
Led by Scott Nissenbaum, President and CEO, Ben Franklin Technology Partners of Southeastern Pennsylvania is a nonprofit seed and early-stage investor that helps high-growth innovative enterprises whether in tech, life sciences, manufacturing, or industries and breakthroughs yet discovered launch and grow, creating both immediate connections and lasting economic growth. The nonprofit has supported more than 2,000 companies to deliver an impact of more than $5 billion and 32,000 jobs in the Philadelphia region.