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.
The 100 percent must read edition:
DreamIt Ventures will be opening up an incubator in New York City. The 67th Ward version of the Philadelphia-born incubator will run during the summer and the Philadelphia edition will be pushed back to the Fall. DreamIt hasn’t found mentors, office space or an entrepreneur to run the new incubator yet.
At Technically Philly, we’re torn over this news. On one hand, it’s good to see Philadelphia companies and tech entities expanding their sphere of influence. However, as Forbes points out, the New York early-stage technology community is bordering on saturation. Why play second fiddle to TechStars? We’ve reached out to DreamIt this morning and will follow up.
Speaking of First Round Capital and Philadelphians feeling for New York, the firm has promoted entrepreneur-in-residence Charlie O’Donnell to principal. Meanwhile, Phineas Barnes, who worked out of the firm’s Conshohocken office is moving to New York.
First Round Capital was included in a $1.85 million seed round for recipe search engine Yummly and in a $10 million round for Plastic Jungle.
Ben Franklin Technology Partners has invested $2.3 million in nine local companies. The investment was mostly in energy and healthcare companies. Neat Receipts received $60,000 in addition to the $687,500 they have already received from BFTP. Wizehive (founded by DreamIt’s Michael Levinson) also received $250,000.