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 throughout the Commonwealth of Pennsylvania. Anchor investors include 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 $28 million in its first close, the GO PA Fund already has exceeded the total $24.3 million raised by Ben Franklin’s prior fund, Global Opportunity Philadelphia Fund I, L.P. (the “GO Philly Fund”). The GO Philly Fund invests in growth stage, technology-based enterprises in the Greater Philadelphia region.
The GO PA Fund seeks up to $100 million 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 $1 million to $5 million per company, depending on the final fund size.
“The GO PA Fund will seek to capitalize on Ben Franklin’s investment experience, which includes investments in over 200 companies in the Philadelphia region. Building on the success of the GO Philly Fund, the GO PA Fund will have access to more than 600 Ben Franklin Network-backed ventures statewide,” said Scott Nissenbaum, President and CEO of Ben Franklin. “The GO PA Fund’s goal is to give Pennsylvania’s technology-focused companies even greater capital resources to thrive, while aligning investors within and beyond the Commonwealth with their success.”
“The life sciences and technology sectors are thriving across the State of Pennsylvania,” said Lou Lombardi, Senior Vice President and Regional Commercial Executive of Fulton Bank. “Fulton has developed a niche Life Sciences & Technology Banking team specifically designed for the types of companies that Ben Franklin Technology Partners invests in. Fulton’s investment in this fund represents our commitment to providing much needed capital to help fuel the growth of the life sciences and technology sectors in Pennsylvania. We are very excited about this partnership.”
For more information about the GO PA Fund, visit www.gopafund.com.
ABOUT BEN FRANKLIN TECHNOLOGY PARTNERS OF SOUTHEASTERN PENNSYLVANIA
Ben Franklin Technology Partners of Southeastern Pennsylvania (“Ben Franklin“) is the Philadelphia region’s Partners with a Purpose. Nationally ranked among the most active seed and early-stage investors, Ben Franklin helps high-growth innovative enterprises plant and nurture their roots, 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. Whether in tech, life sciences, manufacturing, or industries and breakthroughs yet discovered, Ben Franklin works to raise the community of innovation higher, to benefit present and future generations of Pennsylvanians. Visit us at www.partnerswithapurpose.org, or follow us at @bftp_sep.