This spring, 3401 Market Street will launch as a tech startup hub.
DreamIt Ventures will establish its headquarters on the second and third floor of the building, a 17,500 square foot space that’s being developed by the University City Science Center and Drexel University for about $1 million, the organizations announced this afternoon.
DreamIt aims to host all of its Philadelphia accelerator programs for early-stage startups, as well as offer office space for its graduating companies. The space will also be open to non-DreamIt startups. On the ground floor of the building is the ExCITe Center, Drexel’s cross-disciplinary music and tech lab.
DreamIt, which also has programs in Austin, New York, Baltimore and Israel, is ramping up efforts to support its graduating companies by offering its Philadelphia startups both office space and capital — the accelerator is currently raising a $30 million fund focused on its alumni.
Drexel has invested $3 million in the fund, which is one-third raised, managing partner Karen Griffith Gryga said. Drexel’s investment in the fund is notable because institutional investors don’t usually invest in funds as small as $30 million, Gryga said, adding that even a $100 million fund is considered small for an institutional investor. The Science Center has also invested $250,000 in the fund, said Science Center spokeswoman Jeanne Mell.
Find a blueprint of the space below.During the accelerator, DreamIt Philadelphia companies used to work out of a temporary Science Center space (DreamIt companies were actually the first tenants of the Science Center’s Quorum space at 3711 Market Street), while DreamIt Health companies were based out of coworking space Venturef0rth. DreamIt hopes to host all all three of its programs (the general tech accelerator, in addition to Health and a soon to launch, undisclosed program) out of 3401 Market Street, Gryga said, but is still working out plans.
This new space plays on two fronts: Drexel president John Fry’s energetic pursuit of a further developed University City and a heavy Market Street corridor revitalization by the Science Center, led by Steve Tang.
Fry’s “innovation hub,” which includes a healthy amount of Tang’s Science Center real estate, now plays host to Drexel’s ExCITe Center, a coworking space, DreamIt Ventures’ headquarters, the university’s $92 million LeBow College of Business building and a retail corridor along Chestnut Street with shops like Shake Shack and Joe Coffee.