Safeguard Scientifics sees lower valuations, bigger 3Q loss [VC Roundup]

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MUST READS

Updated: A previous headline has been changed and a correction made immediately below because of an error in a partner’s report. Safeguard’s use of cash in 2012 was below earlier projections, but 2013 planned spending has not been discussed, says spokeswoman Heather Hunter.

Several pieces of news came from Wayne, Pa.-based Safeguard Scientifics last week: its CFO Stephen Zarilli will succeed Peter Boni as president and CEO of the life sciences and tech investment firm and its third quarter net loss was bigger than analysts expected, the Philadelphia Business Journal reported. MedCity News reporteds Safeguard “has seen valuations coming down in the healthcare sector.”

GoodCompany Group recently announced its Investor Day, to be held on November 20 at First Round Capital‘s University City office, where, full disclosure, Technically Philly is headquartered. From 4 p.m. – 6 p.m. will only be for investors, and at 6:30 p.m., the event will open to the public, says GoodCompany executive director Zoe Selzer. Read about the startups that will be presenting here and a recap of the GoodCompany Group Philly Tech Meetup.

Of course, don’t miss what could be the biggest entrepreneurship investment news to come out of Philly city government in its history: the city is launching a $3.5 million initiative to fund startups. Read more here. Find out how to apply here.

GIVE A GLANCE

Read up on the state of angel investment in Philadelphia over at the Philadelphia Business Journal (behind a paywall).

First Round Capital participated in multiple healthcare IT deals in the third quarter, according to a report by Mercom Capital Group. The report says that healthcare IT is still strong, with $194 million in deals in the third quarter.

First Round also participated in an undisclosed round for Silicon Valley-based BlackJet, a startup founded by Uber cofounder Garrett Camp that aims to be Uber for private jets (yep), Wired reported.

Whims, which hopes to be Instagram for words, is in the process of closing a $1 million seed round, Newsworks reports.

RightCare Solutions, the Fort Washington, Pa.-based healthcare tech company, raised $1.75 million, according to an SEC filing. Comcast Partners led the Series A round, the Philadelphia Business Journal reported.

Conshohocken-based pharmaceuticals company NuPathe completed its $28 million equity financing, the Philadelphia Business Journal reported.

MIGHT BE WORTH YOUR TIME

DreamIt Ventures just announced that it will be offering Microsoft BizSpark to its startups, TechCrunch reported. The first “BizSpark Fellow” is FlagTap, a company in the current Philadelphia class.

Comcast Ventures participated in an undisclosed round for Denver-based online distribution service Closely, the Denver Business Journal reported.

Former regional manager of Benjamin Franklin Technology Partners Jennifer Hammaker is now managing the Maryland Innovation Initiative, StarDem reported.