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

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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.

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