Welcome to the VC Roundup, where we’ll parse through venture capital news related to Philadelphia-based private equity firms and the companies they fund. Subscribe to the roundup as an email newsletter. If you have any VC-related news to pass along to us, please drop us a line.
We’ve been hearing from a few sources that DreamIt Ventures is beginning to notify companies if they’ve been accepted into the incubator’s Fall season in Philadelphia. So far, we know CloudMine is among the new class. If you know of another accepted company, drop us a line.
Ben Franklin Technology Partners continues to make news. First, if you missed it, we interviewed the group’s VP of investing, Terrence Hicks for our Friday Q and A last week. Hicks offered an inside look at Ben Franklin’s process for soon-to-be entrepreneurs out there. Shortly after our conversation, Ben Franklin announced it has received $30.6 million to distribute to its four subchapters.
MIGHT BE WORTH YOUR TIME
Netting funding from three of the region’s angel groups Novira Theraputics has received $2.5 million in seed money. Typically, pharma companies need more cash than can be provided by angel investors to last to FDA-mandated trials, however by pooling together Robin Hood Ventures, Mid Atlantic Angel Group and Delaware Crossing the vacine maker made the numbers work. If Novira exits, expect a lot of local investors flush with dough which (hopefully) will help infuse the region with some much-needed early stage investment.
According to the Business Journal, Safeguard Scientifics has netted $38 million form the Portico Systems sale. We talked with Safeguard CEO Peter Boni last month and asked him all about the firm’s recent string of exits lately.
GIVE A GLANCE
Edison Ventures has announced that software maker Tangoe has started to trade on the Nasdaq under the symbol TNGO. The firm’s latest IPO is trading 10 percent above its initial offering as of yesterday.
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