Ben Franklin’s Global Opportunity Philadelphia Fund makes first investments

Ben Franklin Technology Partners of Southeastern Pennsylvania (Ben Franklin) announced yesterday that its Global Opportunity Philadelphia Fund (GO Philly Fund) made its first investments in two technology enterprises.

The blockchain-enabled GO Philly Fund provides capital for seed and early-stage technology companies operating primarily in the Philadelphia region.

The first commitments from GO Philly Fund are follow-on investments to earlier investments made by Ben Franklin. The fund is investing in Sidecar, which helps retailers create performance marketing campaigns, and Clutch, which provides an integrated customer marketing platform for B2C brands.

GO Philly Fund will provide $1 million to Sidecar as part of the company’s recent $7.5 million C-1 participating preferred round which included investment from Osage Ventures, Harbert Growth Partners and Ascent Ventures. Since 2010, Ben Franklin has invested in Sidecar through four separate venture rounds.

“Sidecar would not be where it is today without the early support of Ben Franklin,” Andre Golsorkhi, founder and CEO of Sidecar, said. “We are thrilled to have new venture support through the GO Philly Fund and from our other investors. This new investment supports our continual technology development and team expansion as more retailers grow their partnerships with Sidecar.”

GO Philly Fund has also committed $750,000 to Clutch as part of the company’s $2.5 million senior preferred note in preparation for its larger Series C round that is forthcoming. Primary investors included Empactful, NewSpring, SafeGuard, and company management. Ben Franklin previously invested in Clutch in 2012.

“We’re excited to add GO Philly Fund as an investor in our growing company,” Ned Moore, co-founder and CEO of Clutch, said. “We are looking forward to utilizing the new capital as we seek to accelerate growth, grow our brand, and expand into new markets.”

The GO Philly Fund was formed in conjunction with EPAM, a global product development and digital platform engineering services company headquartered in the Philadelphia area. Other investors include Provco Group, Fulton Bank, and SRI Capital.