Ben Franklin Technology Partners of
Southeastern PA 2023 Impact Report
A letter from our
President and CEO
Scott Nissenbaum
I am delighted to present to you our annual report for 2023. Each year, as we anticipate and try to plan for what’s next in tech ventures and the innovation space, we take a moment to look back at the work we did and all we were able to accomplish. As this report makes clear, it was another successful year. I want to thank all the stakeholders and partners who helped us capitalize on emerging opportunities and bring long-term value to our region.
Our commitment to innovation and excellence drove significant impact across various sectors. Last year, Ben Franklin supported 909 companies and helped clients create 632 jobs while retaining 2,467 more positions, with 54 new companies forming. Our clients generated $433 million in revenue and secured $522 million in post-Ben Franklin financing, and they remain at the cutting edge of innovation and entrepreneurship, developing 90 patents and software copyrights and commercializing 88 new products and processes.
If the past is precedent, then the future is bright at Ben Franklin. We will continue to push boundaries and set new benchmarks to enhance our ecosystem, reinforce our leadership role among startups and entrepreneurs, and bring lasting value to our region as we shape the future of technology and drive meaningful change around the world.
Measuring Ben Franklin's
Impact in 2023
Ben Franklin Approved
Million
Accross Southeastern PA
Companies
Investment By Sector
Tech
Million
Companies
Healthcare
Million
Companies
Total Portfolio
Jobs Created / Retained
Leverage By Portfolio
Social Impact
BiPOC-LED
WOMEN-LED
2024 Global
Startup Ecosystem
Philadelphia’s rank rises among global leaders
Philadelphia has one of the best startup ecosystems in the world, according to the 2024 Global Startup Ecosystem Report
(GSER) by Startup Genome and the Global Entrepreneurship Network.
25thThe city ranked as the 25th Global Startup Ecosystem, moving up two spots from GSER 2023.
GSER, powered by the world’s most quality-controlled dataset on startup ecosystems, analyzes data from over 4.5 million companies across 300-plus entrepreneurial innovation ecosystems. It provides compelling new insights and deep knowledge about startup trends around the world and ranks the Top 40 global ecosystems, emerging ecosystems, and an expanded regional ranking.
Ben Franklin Technology Partners of Southeastern Pennsylvania, Drexel University, and University City Science Center partnered with Startup Genome to spotlight the findings.
Overall Rank in
the Global Startup
Ecosystem
Global
Ecosystem
in Funding
Global
Ecosystem
Talent & Experience
North American
Ecosystem in
Performance
North American
Ecosystem in
Knowledge
in Ecosystem
Value From
2021 to 2023
Ben Franklin
Launches GO PA Fund
Ben Franklin launched its Global Opportunity Pennsylvania Fund II, L.P. (the “GO PA Fund”), a growth stage venture fund to invest in technology-focused enterprises throughout Pennsylvania. Anchor investors include Ben Franklin and Fulton Bank, as well as notable commitments from the Ben Franklin Technology Development Authority (BFTDA), WSFS Bank, Robin Hood Ventures and Investors Circle.
Raising approximately $28 million in its first close, the GO PA Fund already has exceeded the total $24.3 million raised by Ben Franklin’s prior fund, Global Opportunity Philadelphia Fund I, L.P. (the “GO Philly Fund”).
The GO PA Fund intends to 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. The GO PA Fund will seek to make investments of $1 million to $5 million per company, depending on the final fund size.
Investment Opportunities for Companies
Greater Philadelphia’s
EDA Tech Hub Designation
Thanks to a coalition of more than 70 organizations from Pennsylvania, New Jersey, and Delaware, the U.S. Department of Commerce’s Economic Development Administration (EDA) in October 2023 awarded Greater Philadelphia the designation as one of 31 Tech Hubs in the United States.
The designation identified Greater Philadelphia as a high-potential market to bring together diverse public, private, and academic partners focused on driving inclusive regional growth, and global competitiveness.
With leadership from Ben Franklin, Greater Philadelphia’s coalition created a region-wide strategy to develop PROPEL: the National Center for Precision Medicine, which proposed using existing innovation assets as a foundation to further develop the industry of precision medicine in Greater Philadelphia, pioneering scientific advancement while accelerating equitable access to care and careers for the region.
Although PROPEL was not among the final 12 tech hubs announced in July for public funding, opportunities abound. The collaboration continues its collaboration to accelerate the Greater Philadelphia region’s global competitiveness, and its equitable delivery of these new products, tools, and interventions.
Mentor Connect
The Mentor Connect program is the regional node of the MIT Venture Mentoring Service, an all-volunteer program that matches mentee entrepreneurs with a team of two to five experienced entrepreneurs to provide safe, confidential advice.
In partnership with the Philadelphia Alliance for Capital and Technology (PACT), the program onboarded 42 new mentees and 10 new mentors from diverse backgrounds and industries in 2023.
To date, Ben Franklin has supported 271 mentees, engaged 148 mentors, facilitated 900 sessions, and accumulated 3,500 volunteer hours. The program is notably diverse, with 36% of mentees identifying as BIPOC and 30% as women, and 25% of mentors being BIPOC and/or women.
With a Net Promoter Score of 70*, the program is highly valued by participants, reflecting our dedication to fostering a supportive and inclusive entrepreneurial community.
Mentees Supported
Mentors
Facilitated
Sessions
BIOPOC
Mentees
Women
Mentees
BIPOC/Women
Mentors
Healthcare
Sector Overview
Our investments in healthcare — medical devices, pharmaceuticals, biotechnology, digital health solutions and more — play a pivotal role in improving quality of life, addressing pressing health challenges and extending longevity through innovations in treatments, disease management, care coordination, and clinical trials.
Active
Portfolio
Companies
Ben Franklin
Invested
Leveraged
Industry
Subsector
Healthcare Portfolio Highlights
Vittoria Biotherapeutics
vittoriabio.com
Based in the University City Science Center, Vittoria Biotherapeutics is focused on developing “enabled” CAR-T cell therapies that transcend the limitations of current cell therapies. Based on technology exclusively licensed from the University of Pennsylvania and developed in the lab of Dr. Marco Ruella, an understudy of renowned scientist Dr. Carl June, the company’s proprietary Senza5TM platform unlocks the antitumor potential of engineered T cells. Senza5 achieves this by disabling the CD5 signaling pathway, a molecular suppressor of anti-cancer activity, on engineered CAR-T cells, thus bypassing CD5's immunosuppressive effects that typically undermine the immune system’s ability to fight cancer. Notably, this proprietary platform also utilizes a rapid five-day manufacturing process to maximize stemness,z durability, and target cell cytotoxicity.
In December of 2023, Vittoria announced FDA clearance of its IND application for its lead program, VIPER-101, for the treatment for T-cell Lymphoma. The Viper 101 is now enrolling with initial data expected in early 2025. Future pipeline assets for Vittoria's engineered T-cell therapies include other applications in oncology and autoimmune diseases.
Vittoria is the 2023 winner of the PACT Enterprise Award for Life Science and Healthcare Startup. In November 2023, the company announced a $15 million funding round from investors including Agent Capital, Tellus BioVentures, Valley Forge Investment Corp., the University of Pennsylvania, Ben Franklin, and others.
Strados Labs
stradoslabs.com
Strados Labs is a medical technology company focused on improving the lives of patients with chronic respiratory diseases. Utilizing advanced biosensors and machine learning algorithms, the company provides real-time monitoring of lung health. Strados Labs’ FDA-cleared RESP® Biosensor enables clinicians to remotely detect changes in lung sound symptoms such as cough and wheeze that can indicate exacerbations, allowing for earlier interventions to prevent hospitalizations and optimal care. In addition to its clinical applications, the RESP® Biosensor is employed in life sciences research to assess the effectiveness of treatments in clinical trials.
The RESP® Biosensor has received two FDA 510(k) clearances and a CE mark. Strados Labs is the preferred vendor for leading CROs and technology solutions providers to life sciences organizations. Clients include Boehringer Ingelheim, Scripps Research, and other sponsors. The RESP® Biosensor currently is used in life sciences clinical trials across four continents and 30 languages.
Strados Labs currently is raising its Series A fund-raising round. The company recently closed a $4.5 million funding round from investors including SOSV, Cultivate (MD) Capital, Blu Ventures, Wavemaker Three-Sixty Health and Ben Franklin.
Tech
Sector Overview
The tech sector remains a dynamic and rapidly evolving industry. Companies within this sector drive innovation and shape the future of digital connectivity, automation, and data analytics. Our investments help bring to market new ideas and meet the growing demand for sophisticated digital tools and services.
Active
Portfolio
Companies
Ben Franklin
Invested
Leveraged
Industry
Subsector
Tech Portfolio Highlights
LoanStar Technologies
loanstartechnologies.com
LoanStar Technologies, which powers embedded lending programs for the nation’s most trusted credit unions and banks, recently raised nearly $28 million to accelerate sales and expand headcount. The Series A fund-raising round was led by Connecticut-based Sageview Capital, with participation from Ben Franklin’s GO PA Fund. The $27.85 million infusion brings LoanStar Technologies’ total funding to roughly $33 million since its founding in 2016. When Ben Franklin first invested in 2016, LoanStar was pre-revenue with two employees in Swarthmore. Ben Franklin invested $100,000 in 2016 and an additional $200,000 in 2019. Now it has 58 full-time employees, the majority based in Swarthmore, with an average hourly wage of $65.
Burro
burro.ai
Burro is a Philadelphia-based autonomous mobility company focused on the future of work. Their line of robots, called “Burros,” are designed to work safely and reliably alongside people to force-multiply their labor. With an emphasis on outdoor use cases, Burros function as people/pallet scale autonomous ground vehicles for carrying, towing, patrolling, and mowing. They also serve as a platform and physical API for a growing set of technology partners.
Since their founding in 2017, Burro has more than 300 robots working in commercial uses within farms, nurseries, vineyards, and beyond. Burro — which currently employs nearly 50 full-time employees, a majority based in Pennsylvania — serves customers in the United States, Australia, New Zealand, Japan, and Peru.
In 2023, Burro raised $24 million in Series-B funding. The round was co-led by Catalyst Investors and Translink Capital, along with existing investors S2G Ventures, Toyota Ventures, F-Prime Capital, and Cibus Capital LLP.
