Ben Franklin Technology Partners Has Closed On $28M As Part Of Largest-Ever Fund

Ben Franklin Technology Partners has raised its largest ever amount of capital, securing $28 million towards its $100 million statewide fund in a bid to retain and grow startups in Pennsylvania.

The Global Opportunity Pennsylvania Fund, or GO PA Fund II, follows the $24.3 million GO Philly Fund Ben Franklin Technology Partners closed in 2019. The GO Philly Fund was the organization’s largest ever fund, which it is now looking to more than quadruple with its latest initiative.

Ben Franklin and Fulton Bank are anchor investors in the GO PA Fund II, which also has investments from WSFS Bank, Robin Hood Ventures, Investors Circle and Ben Franklin Technology Development Authority. The latter is a state-run development program that funds Ben Franklin Technology Partners.

The fund is being raised by and will be deployed across the four regional Ben Franklin partners, which include Ben Franklin Technology Partners of Southeastern Pennsylvania, Northeastern Pennsylvania, Central and Northern Pennsylvania, and Innovation Works, which covers the southwestern part of the state. It is the first time they are collaborating on a fund like this.

Ben Franklin Technology Partners has committed $10 million to the fund over the course of five to 10 years, mainly through returned capital from past investments.

The goal is to raise the remainder of the $100 million in the next year.

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