Ben Franklin Technology Partners Completes First Close Of Its Expected $100M Venture Fund For Pennsylvania Innovation
Contact:
Jason Bannon, Ben Franklin
jason.bannon@sep.benfranklin.org
$28M first close tops total raise of GO Philly Fund; new fund will invest primarily in Pennsylvania-based high growth technology companies already part of the Ben Franklin Network portfolio.
PHILADELPHIA, Pa. (Nov. 9) –Ben Franklin Technology Partners of Southeastern Pennsylvania (“Ben Franklin”) has completed a first close of its Global Opportunity Pennsylvania Fund II, L.P. (the “GO PA Fund”), a growth stage venture fund to invest in technology-focused enterprises throughout the Commonwealth of 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 Philly Fund invests in growth stage, technology-based enterprises in the Greater Philadelphia region.
The GO PA Fund seeks up to $100 million in capital commitments, and 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, serving Southeastern Pennsylvania, Northeastern Pennsylvania, Central and Northern Pennsylvania, and Southwestern Pennsylvania (collectively, the “Ben Franklin Network”). The GO PA Fund will seek to make investments of $1 million to $5 million per company, depending on the final fund size.
“The GO PA Fund will seek to capitalize on Ben Franklin’s investment experience, which includes investments in over 200 companies in the Philadelphia region. Building on the success of the GO Philly Fund, the GO PA Fund will have access to more than 600 Ben Franklin Network-backed ventures statewide,” said Scott Nissenbaum, President and CEO of Ben Franklin. “The GO PA Fund’s goal is to give Pennsylvania’s technology-focused companies even greater capital resources to thrive, while aligning investors within and beyond the Commonwealth with their success.”
“The life sciences and technology sectors are thriving across the State of Pennsylvania,” said Lou Lombardi, Senior Vice President and Regional Commercial Executive of Fulton Bank. “Fulton has developed a niche Life Sciences & Technology Banking team specifically designed for the types of companies that Ben Franklin Technology Partners invests in. Fulton’s investment in this fund represents our commitment to providing much needed capital to help fuel the growth of the life sciences and technology sectors in Pennsylvania. We are very excited about this partnership.”
For more information about the GO PA Fund, visit www.gopafund.com.
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ABOUT BEN FRANKLIN TECHNOLOGY PARTNERS OF SOUTHEASTERN PENNSYLVANIA
Ben Franklin Technology Partners of Southeastern Pennsylvania (“Ben Franklin”) is the Philadelphia region’s Partners with a Purpose. Nationally ranked among the most active seed and early-stage investors, Ben Franklin helps high-growth innovative enterprises plant and nurture their roots, creating both immediate connections and lasting economic growth. The nonprofit has supported more than 2,000 companies to deliver an impact of more than $5 billion and 32,000 jobs in the Philadelphia region. Whether in tech, life sciences, manufacturing, or industries and breakthroughs yet discovered, Ben Franklin works to raise the community of innovation higher, to benefit present and future generations of Pennsylvanians. Visit us at www.partnerswithapurpose.org, or follow us at @bftp_sep.
This press release is not, and should not be construed as, an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, any interest in the GO PA Fund. Limited partnership interests in the GO PA Fund are being offered only to “accredited investors” as such term is defined in Rule 501(a) of Regulation D promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended. Information about investing in the GO PA Fund is only available in the form of a private placement memorandum and other offering materials (the “Offering Documents”), which will be furnished only to qualified accredited investors on a confidential basis for their consideration in connection with a private offering of limited partnership interests. Prospective investors should review such Offering Documents in their entirety, including the risk factors set forth therein. Ballard Spahr LLP acts as legal counsel to the GO PA Fund, and to its general partner and management company, on U.S. legal matters relating to the organization and management of the GO PA Fund and the offering of limited partnership interests in the GO PA Fund. A copy of the private placement memorandum containing more detailed information about the GO PA Fund, Ben Franklin Technology Partners of Southeastern Pennsylvania and the Ben Franklin Network is available by request.
ANY INVESTMENT IN THE FUND INVOLVES A SUBSTANTIAL RISK OF LOSS. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
Forward-Looking Statements
Certain statements contained in this press release may constitute “forward-looking statements”. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in the Offering Documents. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes. The forward-looking statements included in this press release represent Ben Franklin’s and the GO PA Fund’s views as of the date of this press release and those views could change. While Ben Franklin, the GO PA Fund and/or their affiliates or representatives may elect to update the forward-looking statements contained herein at some point in the future, they each specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Ben Franklin’s or the GO PA Fund’s views as of any date subsequent to the date of the press release.
