Stages:

• Early
• Seed

 

Industries:

Business Services

Information Technology

Retail & Restaurant

Software & Internet

 

Description:

StartUp PHL is a collaborative effort between the City of Philadelphia Department of Commerce and the Philadelphia Industrial Development Corporation. The goals of StartUp PHL are: To strengthen the entrepreneurial environment in Philadelphia by backing smart proposals that will energize the startup scene. The group will fund the best plans; and to increase the availability of seed-stage capital by creating a public/private venture fund dedicated to making investments in Philadelphia-based startups. The Startup PHL Seed Fund is an effort by the City of Philadelphia and the Philadelphia Industrial Development Corporation (PIDC) to increase the availability of investment capital for Philadelphia-based startups. PIDC has partnered with First Round Capital, one of the most active investment firms in the country, to create a $6 million public/private venture fund: the Startup PHL Seed Fund. Both PIDC and First Round Capital invested $3 million each. First Round Capital manages the fund, making early-stage investments in Philadelphia-based tech startups. To qualify for the program, a company must meet the following criteria: Philadelphia based seed stage information technology or technology-related business; Headquarters or key operations are Philadelphia based and will remain so for at least the next 18 months. First Round Capital manages the investment process. The City of Philadelphia acting through PIDC as its administrative agent will make a multi-year investment in Philadelphia's startup and early-stage business community, totaling up to $500,000. Angel investments range from $25,000 to $100,00 while seed-stage investments range from $250,000-$750,000.