Philly angel group invests $750K in Philly venture capital firm - Technical.ly Philly

Business

Jun. 2, 2015 7:32 am

Philly angel group invests $750K in Philly venture capital firm

Angel groups don't often invest in venture capital firms, but Robin Hood Ventures had a close relationship with Rittenhouse Ventures, paving the way for a mutually beneficial deal.

Saul Richter, managing partner of Rittenhouse Ventures.

(Photo by Juliana Reyes)

Rittenhouse Ventures, the newly rebranded Navy Yard-based venture capital firm, found a backer in an unlikely place: an angel group in its own backyard.

Robin Hood Ventures invested $750,000 in Rittenhouse Ventures, Robin Hood managing partner John Moore told us. Rittenhouse Ventures managing partner Saul Richter declined to comment on his firm’s fundraising efforts, citing SEC regulations.

Venture firms don’t often turn to angel groups in their fundraising efforts, Moore said, in part because angel groups usually want to manage the money they have set aside for venture investing, instead of putting it in the hands of a venture firm. But Robin Hood and Rittenhouse have a close relationship, which set the stage for this investment. They’ve co-invested in companies before.

Rittenhouse Ventures is the new identity of Emerald Stage2 Ventures, which has been investing in the region since 2006. The firm invests between $500,000 to $750,000 in B2B companies in the healthcare, financial and human resources sectors. It isn’t looking for billion-dollar exits, otherwise known as “unicorns,” Richter told us. Rather, it’s looking for exits between $35 to $75 million, which is closer to the median range for venture exits.

“Batters who swing for every pitch aiming to hit a home run strike out more often,” Richter wrote to Technically Philly earlier this year.

Richter said Rittenhouse Ventures will be announcing two investments shortly.

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Should you invest in MBA candidates? This fund thinks yes

Why Ben Franklin Technology Partners is fighting for more state funding

Old City medtech startup Strados Labs set to hire after raising $1.8M

SPONSORED

Philly

This apprenticeship program is opening the door for candidates with nontraditional backgrounds

Philadelphia, PA

Linode

Software Development Engineer in Test

Apply Now
Philadelphia, PA

Linode

Senior Software Engineer – Kubernetes

Apply Now

First Round Capital has a big pay day as Uber goes public

Women tech founders: Collaboration can help shrink the venture capital gap

This precision medicine company just raised $5M to help save preemies

SPONSORED

Philly

How AI can help humans, not replace them

Chesterbrook, PA

Deacom

Software Developer

Apply Now
Philadelphia, PA - Center City

Odessa

Business Analyst – Bilingual (Spanish)

Apply Now
Philadelphia

Macquarie

Senior Cloud Infrastructure Engineer

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!