Welcome to the VC Roundup, where we’ll parse through venture capital news related to Philadelphia-based private equity firms and the companies they fund. Subscribe to the roundup as an email newsletter. If you have any VC-related news to pass along to us, please drop us a line.
This edition of the VC Roundup is sponsored by PACT. Check out their latest event “The Next Generation Architecture Summit: Cloud Computing on the Rise” on October 5th. For more details, including a speaker lineup, click here.
Don’t forget to get your Switch tickets today to see five local company demos.
Guggenheim Venture Partners has been mentioned in an Inquirer article about the Family Court Controversy. The company isn’t accused of any wrong doing, but it just adds to the odd year the firm is having after being featured on the cover of Philadelphia Magazine. In the weeks after the story, the magazine has taken it offline; thanks, in part, to a PE Hub post that accused the article of being exaggerated and untrue.
Mark Suster, an entrepreneur turned VC, outlines what makes a successful angel investor. Suster emphasizes that angels protect their investments by acting as mentors, a belief held locally by many firms including First Round Capital and Safeguard Scientifics.
MIGHT BE WORTH YOUR TIME
If your company receives angel money, count your blessings, most companies aren’t as lucky. Crain’s New York says that the small business lending there has been on a slide that has affected both bank loans as well as venture capital.
DreamIt Ventures and SCVNGR received a mention in this New York Times article about the psychology of an entrepreneur. We interviewed John Valentine of SCVNGR last week when he was in town to kick off the company’s new local rewards program.
Ben Franklin Technology Partners of Northeastern Pennsylvania has named Frederick J. Beste III as chairman of its board. Beste, who replaces Thomas E. Stine, is the CEO of Mid-Atlantic Venture Funds. In other Northeastern news, BFTP has also invested nearly $500,000 in companies based there.
David King, partner at Safeguard Scientifics, will be the latest speaker at the University City Science Center’s “Smart Talk” series on Wednesday. King was one of the founders behind BioRexis, a company that was acquired by Pfizer in 2007.
Solve Media, formally AdCopy, has raised $6 million from First Round Capital and other firms, confirming a report by Philly Tech News weeks ago. The CAPTCHA advertising company officially launched yesterday.
GIVE A GLANCE
First Round Capital is one of many firms involved in AK Networks’ latest series A $8 million investment round. The company, co-founded by a former About.com executive is still in stealth mode.