Fulton Bank Commits $10 Million To PA Growth-Stage Technology Companies Fund
The fund will primarily invest in follow-on investments selected from over 600 current and future portfolio companies of the statewide network of four Ben Franklin Technology Partner entities, (collectively, the “Ben Franklin Network”).
Fulton Bank, N.A., a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), today announced it is investing up to $10 million in the GO PA Fund, a venture fund launched for Pennsylvania-based technology companies. The fund was formed by Ben Franklin Technology Partners of Southeastern Pennsylvania (“Ben Franklin”), a nationally recognized Philadelphia-based technology-based economic development program.
The fund will primarily invest in follow-on investments selected from over 600 current and future portfolio companies of the statewide network of four Ben Franklin Technology Partner entities, serving Southeastern Pennsylvania, Northeastern Pennsylvania, Central and Northern Pennsylvania, and Southwestern Pennsylvania (collectively, the “Ben Franklin Network”).
“Fulton Bank has always been committed to innovation, while also staying focused on helping companies in Pennsylvania thrive, so we’re delighted that they are an anchor investor in the GO PA Fund,” said Scott Nissenbaum, President and CEO of Ben Franklin. “Their partnership with Ben Franklin and commitment to the GO PA Fund is a welcomed sign of confidence to our current and future partners that the future is bright for Pennsylvania’s innovation economy.”
“The life sciences and technology sectors are thriving across Pennsylvania,” said Lou Lombardi, Fulton Bank Regional Commercial Executive. “Fulton’s investment in this fund represents our commitment to supporting these growing sectors in Pennsylvania communities.”
The GO PA fund has raised a total of $30 million, with Fulton as one of its anchor investors.
Fulton’s Life Sciences & Technology Specialty Banking team provides banking services to the type of companies supported by the GO PA fund. Fulton Bank has several specialty banking teams focused on major industries in the communities it serves, such as Agriculture and Healthcare Banking. It is currently the largest agriculture bank in the Northeast.
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