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.
Mid-Atlantic Angel Group has raised $4.8 million for its second fund. The sneaky angel fund based in the Navy Yard said that it doesn’t have as many investors, but each individual investor has thrown in more cash this time. MAG primarily only invests alongside other companies and rarely leads a round.
The Inky’s Joe Destefano tells us what regular readers of the VC roundup probably already know: That First Round Capital averages a deal a week, ranking third-most among all VC firms. We’d give you more numbers, but we don’t want to steal Joe D’s thunder. Read his piece which includes other active Philly firms.
MIGHT BE WORTH YOUR TIME
The Northeast branch of Ben Franklin Technology Partners has received a $1.5 million state grant to help expand its Lehigh University office.
It looks like Adapt.ly is seeking investment by using AngelList. The social media advertising startup launched out of DreamIt this year received our award for best company.
GIVE A GLANCE
GroupMe, a company that offers group chats via text and voice on mobile devices, has received $850,000 from First Round Capital, among other firms. GroupMe’s founders are former Tumblr and Gilt Group employees. First Round also invested in Task Rabbit, a network or part-time personal assistants for hire.
Our boy Peter Key says that today is the last day to apply to be a presenting company for IMPACT 2010, PACT’s big fall conference. PACT, if you remember, is the product of the merging of Eastern Technology Council and the MAC Alliance. We interviewed Dean Miller, head of PACT this summer.
In case you were wondering, First Round Capital really likes asses.
The VC Roundup will deliver Philadelphia private equity news hot and fresh every Tuesday morning.