VC Roundup: DreamIt kicks off, BFTP gets busy

LucinWelcome 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
Technically Philly was able to stop in to see half of DreamIt Ventures‘ kick off weekend at the University City Science Center last Friday where local media, entrepreneurs and participating companies got a chance to network and prepare for the incubator’s third class. It was the first time that the participating companies were able to see the space and meet one another. New this year is Brooklyn-based edication investor Startl’s involvement. The group partnered with DreamIt to incubate five of Dreamit’s 15 participating companies.
In opening remarks, co-founder Mike Levinson said that DreamIt received over 350 applications and the tech world considers DreamIt as “one of the top three incubators in the country.”
Also new to this year’s class, Kerry Rupp will be replacing Steve Barsh, who is focusing on his new startup, Packlate.
The event was rounded out by Deputy Mayor of Economic Development Alan Greenberger bragging about Philly, Science Center CEO Steve Tang welcoming the businesses to the space and Click Equations CEO Lucinda Holt discussing the difference between CEOs and Founders.
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Ben Franklin Technology Partners has been busy in recent weeks. The southeast group invested $800,000 in five (mostly pharma) companies last month, but then shelled out $2 million for eight more recently. The group also released its annual report and the finalists for the New Energy Idea Contest and plans to announce a winner June 17th.

MIGHT BE WORTH YOUR TIME
Safeguard Scientifics annoucned its Q1 earnings this week. The company said earnings were $85.3 million, up 46% from $58.4 million during the same period of 2009. The company’s earnings, however, dipped from last year mostly due to the “impairment of the carrying value of interest in Tengion.” The company’s stock took a dip on the news.
First Round Capital and Genacast Ventures have both invested in Demdex‘s Series A round. The company is looking to build a database that aggregates behavioral targeting data. Genacast is run in partnership with Comcast, and as Comcast adds to its media holdings, it’s easy to see the cable giant using the behavioral data for programming and advertising purposes.
GIVE A GLANCE
USA Technologies, the Malvern-based credit card machine maker is planning an IPO. Remember those?
ICG has also announced Q1 results. The company saw a net loss of $11 million from last year. Remember them?
First Round Capital has taken part in the $7.5 million Series A round for Swipely. The service, which makes credit card purchases social, saw its main competitor, Blippy, get into a bit of trouble last week when some of its users’ credit card numbers appeared in Google results.
Quaker BioVentures has taken part in TearScience’s Series C round. The company, which makes medical devices to treat dry eye , raised $44 million. The 12-person company is based in North Carolina.
The VC Roundup will deliver Philadelphia private equity news hot and fresh every Tuesday morning.