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.
As venture capital funding dropped 12 percent in the last quarter, it’s not easy for new venture capital firms to raise capital, Quartz reports. Investment usually goes into more established firms, like First Round Capital and Andreessen Horowitz, according to the article.
First Round Capital participated in a $6 million round for Palo Alto, Calif. FundersClub, a crowdfunding platform founded by former Wharton undergrads. It’s the largest seed round for a Y Combinator startup, MedCity News reports. The firm also participated in a $23 million Series C round for HotelTonight, a hotel booking app based in San Francisco.
Speaking of First Round Capital, take a photo tour of the new University City space, courtesy of Philadelphia Business Journal.
GIVE A GLANCE
MentorTech Ventures principal Brett Topche spoke at City Council’s hearing on attracting and retaining tech startups and was blunt about the abysmal state of local investment, the Philadelphia Inquirer reports.
Bikeshare startup Zagster has raised $1.1 million, according to an SEC filing. The company is headquartered in Cambridge, Mass. but still maintains an office in Drexel University’s Baiada Institute incubator. We last reported on how Zagster raised $700,000 in August.
MIGHT BE WORTH YOUR TIME
Check out this Q&A with Project Liberty incubator manager Cory Donovan on Keystone Edge.