Gov. Tom Wolf recently announced that $5.5 million from the New PA Venture Capital Investment Program would be reinvested into four venture capital funds to support the growth of early-stage companies in Pennsylvania.
“Supporting small businesses means investing wisely in early-stage companies that just need a little bit of funding to take off,” Wolf said. “Venture capital is a great way to do that. Pennsylvania has a long history of innovation, and this funding helps continue that story today. This will support our small businesses, which is vital for the health of Pennsylvania’s economy.”
The funding, which was approved at the recent Commonwealth Financing Authority board meeting, comes from the returns from previous investments from the New PA Venture Capital Investment Program.
1855 Capital in State College, which focuses on businesses emerging from research efforts at the Pennsylvania State University main and branch campuses, will receive $1 million.
Activate Ventures in Bethlehem will receive $2.5 million. Activate Ventures focuses on highly-experienced sales-minded entrepreneurs who can manage high-growth businesses.
Mountain State Capital General Partners, LLC, in Pittsburgh, which focuses on providing funding opportunities for early-stage technology companies in the Greater Appalachian region, will receive $1 million.
Another $1 million will be distributed to NSH III GP, LP (NewSpring Health), in Radnor, which focuses specifically on growth-stage healthcare and healthcare-related companies.