The Pennsylvania Department of Community and Economic Development (DCED) and the Ben Franklin Technology Development Authority (BFTDA) recently awarded $2.5 million on behalf of 3 Points Rising Ventures Equity I.
Founded in 2009, 3 Points Rising Ventures is a Pittsburgh-based fund that plans to target investments of up to $2 million in up to 15 early-stage technology companies annually. The fund plans to focus its efforts on the western Pennsylvania start-up market, emphasizing business-to-business software companies.
“When we invest in companies that innovate and make change, we invest in the future of Pennsylvania,” DCED Acting Secretary Neil Weaver said. “Providing funding for venture capital firms that finance start-up companies in the commonwealth helps create opportunities for growth for our communities. DCED is proud to continue our work with the BFTDA.”
The BFTDA was created to promote an entrepreneurial business environment, advance technology innovation, and create a technology-ready workforce. Its mission is to encourage and coordinate programs and investments to advance the competitiveness of the state’s companies and universities within the global economy.
Ed Engler, who formerly co-founded Pittsburgh Equity Partners Fund, and Karl Thomas, a former US Navy reservist, founded 3 Points Rising Ventures.