The StartupPHL Funds are an effort by the City of Philadelphia and the Philadelphia Industrial Development Corporation (PIDC) to increase the availability of investment capital for Philadelphia-based startups.
PIDC has partnered with First Round Capital, one of the most active investment firms in the country, and Angel investors, including Josh Kopelman, to create a $6 million public/private venture fund: the StartupPHL Funds. Both PIDC and First Round Capital invested $3 million each. First Round Capital and Josh Kopelman manage the funds, making early-stage investments in Philadelphia-based tech startups. StartupPHL invests through two funds:
StartupPHL Angel Fund:
Making investments from $25,000 to $100,000 the StartupPHL Angel Fund co-invests alongside angels to turbocharge very early-stage companies with a small capital injection to help them build their minimum viable product or validate some key assumptions.
StartupPHL Seed Fund:
The StartupPHL Seed Fund co-invests alongside First Round in Philadelphia-based, seed-stage companies. The typical investment size will be $250,000 to $750,000.
Requirements for the two funds are slightly different, but to qualify for the program, your company must meet the following criteria:
- Philadelphia based seed stage information technology or technology-related business
- Headquarters or key operations are Philadelphia based and will remain so for at least the next 18 months
First Round Capital and Josh Kopelman manage the investment process. Please visit http://startupphlfunds.com/ for the application. Applicants are encouraged to learn more about First Round Capital’s investment focus and philosophy before applying.