According to a job posting on ReadyForce.com First Round Capital is openly considering a move to Philadelphia. The job post is searching for an executive assistant and notifies the applicant that “the firm is contemplating a move to the city of Philadelphia in the next year.”
The Conshohocken-based venture capital firm is one of the most respected and active early stage investors in the nation and occasionally invests in local businesses. Philly-born portfolio companies past and present include Invite Media, Solve Media, ClickEquations, Monetate and Packlate. Currently the firm also has offices in San Francisco and New York City.
Various sources have approached Technically Philly suspecting a First Round move. However, in an email to Technically Philly in October, Managing Partner Josh Kopelman would only confirm that the firm’s current lease is up in late 2012.
If First Round moves to the city, it would be a big win for the growing effort of centralizing the city’s venture capital resources. A common refrain from local entrepreneurs is that many companies are started within city limits yet most Philadelphia venture capital firms are located in suburbs like Wayne and Conshohocken.
First Round Capital portfolio company Packlate is also likely to move from Conshokocken to Center City. When we asked founder Steve Barsh about the move in December, he said that top technology talent typically wants to live in urban areas like Philadelphia. Also aligning with the trend is RJMetrics. The company made lots of noise after its funding about doubling down on Philadelphia.
(Thanks to Tim for the tip.)-30-