Chester County gets $4-million fund to boost startup activity - Technical.ly Philly

Business

Jan. 2, 2018 12:16 pm

Chester County gets $4-million fund to boost startup activity

Venture Chesco is a team effort from the Chester County Retirement Board and Ben Franklin Technology Partners.

Chester County is hoping to boost its tech sector.

(Photo by Chester county Ramblings, used under a Creative Commons License)

Access to capital is among the hardest boxes to check for local entrepreneurs following the venture-backed playbook.

And for Chester County’s tech ecosystem — despite being a key node of Philly’s tech growth in the 1980s and housing VC firms like Safeguard Scientifics and a bevy of large pharma firms — access to sufficient venture capital has proven to be a challenge.

Per Chester County Economic Development Council COO Michael Grigalonis, some 100 startups have received grants through the i2n-Ideas x Innovation Network initiative, but more fuel is needed.

Enter Venture Chesco, a $4-million partnership between the Chester County Retirement Board and Ben Franklin Technology Partners of Southeastern Pennsylvania seeking to provide early-stage funding to companies housed in — or willing to relocate to — the county.

“Chester County has a number of locations within incubator/accelerator settings and we have many options for technical assistance, but access to capital for young, start-up companies continues to be a real challenge,” Chester County Commissioner and Retirement Board member Kathi Cozzone said in a statement. “Venture Chesco will help respond to this challenge.”

The partnership is reminiscent of the $6-million health IT fund started in 2016 by Safeguard, Ben Franklin and IBX’s parent company Independence Health Group in the sense that BFTP and the Chesco retirement board will each kick in $2 million to invest together, following the Navy Yard–based org’s playbook.

“Venture Chesco will fill a critical early stage funding gap in the growth cycle of Chester County’s young companies and companies looking to apply technology to improve business performance — which will help add to the growing innovation culture in the county,” said Ben Franklin’s RoseAnn Rosenthal.

Advertisement

-30-
LEAVE A COMMENT

Advertisement

We need a Philadelphia story for the tech age

Contap raises $600,000 to kill the business card

Funding news about vybe

SPONSORED

Philly

Vistar Media’s tech stack is not for the faint-of-heart

Chesterbrook, PA

Deacom

EDI Specialist

Apply Now
Philadelphia, PA

Linode

Data Center Operations Specialist

Apply Now
Philadelphia

Perpay

Product Designer

Apply Now

With $400K from Ben Franklin, Kapsul gets to work on ‘smart’ air conditioner

NewSpring Capital, PCOM invest in vybe, a network of urgent care clinics [Update]

Philadelphia’s problems are daunting. Our opportunities are inspiring

SPONSORED

Philly

Grow your small business with Salesforce at this Jan. 10 event

Philadelphia

Practice

Director of Sales

Apply Now
Philadelphia, PA - Old City

WebLinc

Agile Project Manager

Apply Now
Conshohocken, Pa

ShopRunner

Lead UI Engineer

Apply Now

Sign-up for daily news updates from Technical.ly

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