DreamIt Ventures and BFTP partner to keep startups in Philly with "DreamIt Plus" - Technical.ly Philly

Business

Jul. 1, 2011 12:00 pm

DreamIt Ventures and BFTP partner to keep startups in Philly with “DreamIt Plus”

Some of DreamIt’s most notable grads have packed up for other cities: SCVNGR – Raised over $15 million from Google Ventures and others, moved to Boston (though the company has since opened offices in Philadelphia). Notehall – Featured on Sharktank, sold to Chegg, moved to San Francisco Adapt.ly – Raised $2.7 million from First Round Capital and others, […]

Some of DreamIt’s most notable grads have packed up for other cities:

  • SCVNGR – Raised over $15 million from Google Ventures and others, moved to Boston (though the company has since opened offices in Philadelphia).
  • Notehall – Featured on Sharktank, sold to Chegg, moved to San Francisco
  • Adapt.ly – Raised $2.7 million from First Round Capital and others, moved to New York City.
  • SeatgeekTechCrunch50 finalist, raised over $2 million, moved to New York City.

DreamIt Ventures has proved it can incubate successful startups. Now it turns to a greater challenge: keeping them in Philadelphia.

The University City-based startup incubator is partnering with Ben Franklin Technology Partners to create “DreamIt Plus” an investment fast track for DreamIt grads to ensure they have access to the follow-on capital that often drives incubated companies to move out of the city when graduating DreamIt.

“The startups coming out of the DreamIt program have great momentum. However, since the entrepreneurs come from around the world, the lack of quick follow-on capital can cause them to leave the area,” said BFTP president RoseAnn B. Rosenthal in a press release yesterday.

The partnership creates an easy path for local follow-on investment by Ben Franklin and local angels to help support the company as it seeks its Series A financing round. Participating angels include Duck Duck Go founder Gabe Weinberg. DreamIt companies then receive access to all of Ben Franklin’s resources, such as office space and mentorship, creating a “grad school” of sorts.

The announcement is the latest in a busy year for the incubator. DreamIt opened its doors in New York City for the first time and has announced a partnership with Comcast Ventures to incubate minority-led companies in its Fall session in Philadelphia.

Advertisement

 

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Meet the second class of the Comcast NBCUniversal LIFT Labs Accelerator

How Macquarie blends tech-fueled financial services with global opportunity

Pennovation picked these 9 early-stage companies for its summer accelerator

SPONSORED

Philly

This financial services firm offers global opportunity in the heart of Philly

Philadelphia

The Philadelphia Inquirer

Mobile Tech Lead

Apply Now
Blue Bell, PA

Pinnacle 21

Senior Software Engineers

Apply Now
Philadelphia

Guru Technologies

Marketing Web Engineer

Apply Now

Josh Kopelman revealed as investor in Backstage Capital’s accelerator

These 6 companies made it to Backstage Capital’s first Philly accelerator

Two Philly companies are joining an accelerator inside the ‘largest medical complex in the world’

SPONSORED

Philly

Guru is taking on growth with deliberate steps and an engaged team

Philadelphia, PA

PromptWorks

Senior UX Designer

Apply Now
601 Lee Road Chesterbrook, PA 19087

Deacom

Web Application Developer

Apply Now
Chesterbrook, PA

Deacom

Software Developer

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!