Philadelphia, March 19, 2013 – Mayor Michael A. Nutter announced today that the Philadelphia Industrial Development Corporation (PIDC) will partner with First Round Capital, one of the most active investment firms in the country, to invest in and manage the Startup PHL Seed Fund, a new effort by the City of Philadelphia and PIDC to increase the availability of investment capital for Philadelphia-based startups. Both PIDC and First Round Capital will invest $3 million and First Round Capital will manage the fund to make early-stage investments on behalf of the Startup PHL Seed Fund. First Round Capital will not receive a management fee, or any other form of compensation, for managing the Startup PHL Seed Fund.
“Supporting entrepreneurs, startups and small businesses in Philadelphia is a priority for my Administration and is crucial for the future of our city. I am thrilled that one of the leading investment firms in the country will partner with us in this effort,” said Mayor Michael A. Nutter. “Josh Kopelman is one of the most successful investors in the venture community and a leading entrepreneur who has demonstrated his commitment to this city time and time again. With his help and the support of our entrepreneurial community, Philadelphia will once again be recognized as one of America’s leading cities for innovation and entrepreneurship.”
Josh Kopelman, First Round Capital’s founder, said, “We are thrilled to be participating in this effort. Mayor Nutter’s Administration has been very supportive of entrepreneurship and the Startup PHL Seed Fund is a very concrete example of how the City of Philadelphia is dedicating real attention and resources towards helping founders succeed in America’s founding city.”