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State awards $3M to venture capital firms for tech startups
Listen to this articleTwo Pennsylvania venture capital firms have been awarded $3 million in state funding to make investments in early-stage technology companies.
State Department of Community and Economic Development (DCED) Secretary Rick Siger said Tuesday that the funds have been awarded through the Ben Franklin Technology Development Authority (BFTDA).
“The Shapiro Administration is committed to investing in high-growth, innovative industries and firms because it’s an investment in the future of Pennsylvania,” Siger said. “DCED is proud to continue our work with BFTDA and provide funding for these cutting-edge companies that will continue to move our economy forward.”
The BFTDA awarded $2 million on behalf of Osage Venture Partners, a Bala Cynwyd, Montgomery County-based fund that will target investments of up to $2-8 million in approximately 15 early-stage technology companies, with an emphasis on business-to-business (B2B) companies.
Osage Venture Partners will be led by a group of investors including founder Robert Adelson and managing partners Nate Lentz, Sean Dowling and Emily Foote.
BFTDA also awarded $1 million on behalf of Tech Council Ventures, a New Jersey-based fund that will target investments of up to $3-4 million in roughly 25 early-stage technology companies in the Mid-Atlantic region, focusing on companies based in health care information technology, clean technology and the life sciences.
