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.
The money was awarded through the New Pennsylvania Venture Capital Investment Program, which requires the venture capital firms to match $3 for every 1 dollar in state money invested. CFA also invested $4.5 million in Pittsburgh-based Draper Triangle Ventures.
NextStage Capital, whose second and current fund will amount to $25 million, also received money from the New Jersey Economic Development Authority this past April, the Business Journal reports.
CFA is an independent state agency created to award stimulus money. This news echoes Dr. Mary Walshok’s observation in our post, to be published tomorrow, on her University of California – San Diego’s study on regional innovation. She pointed out that the Philadelphia region receives more funding from the public sector, as opposed to cities like St. Louis, where startups are primarily funded by foundations, and San Diego, where startups are “exclusively funded by the private sector.”
MIGHT BE WORTH YOUR TIME
This year’s venture capital fundraising has surpassed that of last year’s by 31%, according to the Wall Street Journal. So far, this year venture capital firms have closed on $13 billion worth of fundraising, with four firms accounting for over $6 billion of those funds: New Enterprise Associates, Andreessen Horowitz, Institutional Venture Partners and Tiger Global Management.
GIVE A GLANCE
NPR takes a look at the growing startup and venture capital scene in European cities like Berlin, London and Paris.
The National Association of Corporate Directors named new board members to its Philadelphia chapter Monday, according to a press release. Safeguard Scientifics’ Chief Financial Officer Steve Zarrilli was among the new members named.