Ben Franklin Technology Partners invested $2.5M in Philly-area startups in Q3

During the third quarter of FY 2016, Ben Franklin Technology Partners invested $2.5 million in 14 companies across the Philadelphia region.

In a report released Friday, the Navy Yard-based, state-backed seed capital provider said 36 percent of its local investments went to IT companies.
Health IT companies followed closely behind, accounting for 29 percent. Traditional companies in the health space got 21 percent of the money, while 14 percent went to physical sciences.

Slightly over 70 percent of the funds were follow-on investments for local companies, including Life.io, which earlier in the year closed a $1.5 million round from Ben Franklin and other investors, and moved into Uber’s old office (which caused some confusion).
Also on its second round of funding from Ben Franklin is Orange Maker, the 3D-printing startup that moved from the West Coast to Philly in the summer of 2015.

“There’s a great blend of new and follow-on investments in this round, suggesting a healthy balance of new opportunities and maturing companies in the region,” said Ben Franklin Chief Investment Officer Scott Nissenbaum. “Our pipeline suggests good activity in all counties, and the quantity of deals in Philadelphia continues to be solid evidence of meaningful growth within the city.”