VC Roundup: Angel Venture Fair and Drexel’s new incubator

Welcome to the VC Round-up, 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.
DEFINITE READS
The Inky reports on the 12th-annual Angel Venture Fair, held at the Union League last week. The event is described as “speed dating for entrepreneurs” where 125 companies pitched 150 angel investors.
Drexel University will be creating an incubator in Bristol, according to the PBJ. The incubator will inhabit a building formally owned by Rohm and Haas Co. If you remember, Drexel also has an incubator in Camden in addition to the Baiada Center on campus.

MIGHT BE WORTH YOUR TIME
Senator Jack Reed (D-RI) is proposing legislation that would force VC firms managing less than $30 million to register with the SEC. The industry counters that the bill is unnecessary and would harm small firms. The legislation is a reaction to the financial meltdown, which was partially blamed on the government not being able to monitor activity that may have been harmful to the larger financial system.
Radnor-based Qlik Technologies, makers of business intelligence software, filed paperwork indicating that they are seeking to go public. Why is this a big deal? The IPO market is generally thought to be all but dead, and the company, which had $157.4 million in revenue in 2009, moved to the area from Sweden.Take that, Sweden.
GIVE A GLANCE
DreamIt grad Scvngr (which has received investment from Google) gets a write up in the Boston Globe about its scavenger hunt-enabling technology. The company, originally from Princeton, now calls Boston home.
First Round Capital has invested in TweetUp, a startup founded by Bill Gross that helps users find relevant tweets while serving advertising, much like Google’s AdSense. First Round was also joined by Mahalo.com CEO Jason Calacanis and journalism pundit Jeff Jarvis.
The VC Roundup will deliver Philadelphia private equity news hot and fresh every Tuesday morning.