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.
Edit: Kerry Rupp clears up a few facts in the comments below.
DreamIt Ventures gets a feature in this month’s Forbes focusing on managing partners Steven Welch, Kerry Rupp, Michael Levinson and David Book. The story provides a digestible overview for those not familiar with the University City Science Center-based business incubator and provides lots of numbers and personal backstory for those more knowledgeable about the program. The most surprising fact uncovered by Forbes: none of the companies incubated by DreamIt have turned a profit. Look out for our Demo Day preview on Wednesday to get a sneak peak at some of the companies in this year’s class.
MIGHT BE WORTH YOUR TIME
Movitas Mobile has raised $3 million from a yet-to-named source. In March we reported on SEC filings that indicated the company was gunning for $2.7 million. Movitas, if you remember, was also behind the acquisition of PhindMe Mobile a mobile development company based out of Drexel University.
Our good friend Christopher McDemus – aka the VC Deal Lawyer – has a comprehensive write up on the impact of the recently passed Wall Street Reform and Consumer Protection Act. The act has been widely covered for its reform of our nation’s financial system and McDemus helps liberal arts majors like us understand the impact the reforms will have on private equity.
GIVE A GLANCE
Pop City reports that Pittsburgh has seen a comeback in VC numbers. Fueled by Innovation Works, the Steel City startups closed deals at a four-year high.
DreamIt vet Seatgeek has received $1 million in funding for its ticket price predicting service.
Ben Franklin Technology Partners continues handing out checks, this time to clean technology companies. Though the $361,000 in investments is not nearly as large as the $1.8 million it invested earlier this month.
Knowledge is power!
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