VC Roundup: First Round ponies up, XACP gets dissected

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.
DEFINITE READS
In case you missed it, our Friday Q and A last week was with Dan McKinney of NextStage Capital. We discussed the age old question: does Philadelphia need more VC money?
First Round Capital is involved in an uncharacteristically large Series A round for the West Conshohocken-based firm. BankSimple has raised $2.9 million from several firms – including First Round – for a personal finance service. Given First Round’s success with Mint.com, it’s no wonder it thinks that BankSimple is worth the cash. First Round has also joined the rest of the world and gone Groupon crazy with its other funding deal this week.

MIGHT BE WORTH YOUR TIME
Our buddy Tom Paine at Philly Tech News has written a detailed profile of Cross Atlantic Capital Partners, a quiet $500 million fund in Radnor. The post is a top-to-bottom look at the firm and worth a read for the VC nuts out there.
GIVE A GLANCE
Maryland-based Motionsoft has snagged $5.5 million from Edison Ventures, its first institutional investment. The company was founded in 1983 and makes payment and membership software.
A Bethlehem warehouse renovated by Originate Ventures is used a political pawn.
Business Insider warns firms to raise money now to brace for the double dip recession.