StartUp PHL is a city initiative to use public money to match investment in Philadelphia’s innovation ecosystem.
The initial launch in fall 2012 featured a call for an early-stage technology venture capital firm to match $3 million put up by the Philadelphia Industrial Development Corporation. The selection of First Round Capital to manage the fund was announced in March 2013.
The first (and, as of August 2014, only) investment by the StartUp PHL seed fund was announced in October 2013, in healthy meal subscription service Real Food Works.
The initiative also includes a $500,000 “Call for Ideas” fund to invest in local efforts to support entrepreneurship.