Ben Franklin Technology Partners of Southeastern Pennsylvania announced Thursday it had completed a first close of its Global Opportunity Pennsylvania Fund (the GO PA fund), expected to reach $100 million in venture funds for Pennsylvania innovation enterprises.
The growth-stage venture fund will invest in technology-focused enterprises throughout Pennsylvania, with anchor investors from Ben Franklin and Fulton Bank, as well as Ben Franklin Technology Development Authority, WSFS Bank, Robin Hood Ventures and Investors Circle.
“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,” Scott Nissenbaum, president and CEO of Ben Franklin, said. “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 GO PA Fund is looking for up to $100 million in capital commitments that it will primarily invest between $1 million and $5 million per company in follow-on investments selected from over 600 current and future portfolio companies of the four Ben Franklin Technology Partner network.
The GO PA Fund has already exceeded the $24.3 million raised previously for the Global Opportunity Philadelphia Fund I (the “Go Philly Fund”) by raising approximately $28 million in its first close. The GO Philly fund invests in growth stage, technology-based enterprises in the Greater Philadelphia region.
“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.”