West Conshohocken and San Fransisco-based First Round Capital has announced it will be opening a new office in the 67th Ward.
Managing Director Josh Kopelman has made no secret about the firm’s affinity for the Big Apple, citing the success of First Round’s “Office Hours” events held in the city’s Silicon Alley. First Round has funded more than 10 NYC startups, launched a NYC mentoring program and are often seen attending meetups throughout the city.
So, does this new office mean the West Conshohocken office’s days are numbered?
“No, not at all,” said Kopelman, “the West Conshohocken office has more partners than any of the other offices.”
Kopelman said that he will continue to be based out of Pennsylvania and the New York office is simply an expansion.
In a blog post announcing the event, Kopelman compared Philly and NYC’s private equity relationship in terms of young actors.
“Despite the fact that Philadelphia has some great theaters,” he wrote, “I’m pretty sure that almost every young Philly-based actor recognizes the unique opportunities to really hone their craft on Broadway or in Hollywood.”
The new firm will be headed up by partner Howard Morgan. Morgan is a New York-native and former Wharton professor who founded one of the first personal computer manufacturing companies in the country. He will be joined by entrepreneur-in-residence Charlie O’Donnell, a former Union Square Ventures analyst.
The announcement comes just two weeks after porfolio company Mint.com sold to Intuit for $170 million netting the firm the highest return in its history, though Kopelman said the planned expansion was in the works before the sale, and that it had no impact on the move.