PRESS RELEASE: Startupphl initiative achieves success supporting entrepreneurs & startups in Philadelphia

PHILADELPHIA (July 20, 2016) – Four years after the launch of the StartupPHL initiative, The City of Philadelphia, PIDC, and StartupPHL Fund management partner Josh Kopelman of First Round Capital made a series of StartupPHL announcements taking stock of the goals achieved to date and looking ahead to the future. Attaining many of the set objectives, the initiative has increased startup capital in Philadelphia, catalyzed investment, and increased visibility of and activity in the local startup ecosystem.

“StartupPHL was designed to accelerate the development of a supportive environment for local entrepreneurs,” said Mayor Jim Kenney. “The City is proud of the success this initiative has achieved to date and committed to its goal to continue to establish Philadelphia as a city of choice for new startups and entrepreneurs.”

A collaborative effort, StartupPHL aims to support entrepreneurs in the city who bring energy, ideas and vitality to Philadelphia as well as further enable the existing entrepreneurial talent that resides in the city’s different neighborhoods to flourish. The StartupPHL initiative encompasses a range of programs including the Call for Ideas grants,StartupPHL Seed + Angel Fund, and several measures to enhance visibility and connectivity of the startup community.

The StartupPHL Seed + Angel Fund is a venture fund, launched with an initial investment by PIDC leveraging additional funding and management from First Round Capital and co-founder Josh Kopelman, which makes investments in Philadelphia-based tech startups. Today, PIDC announced that the fund made a $100,000 investment in Termaxia, LLC, a big data storage solution that hopes to disrupt the market in significant way.

“Philadelphia is home to an increasing number of innovative startup companies like Termaxia, who are choosing to start and grow their business here,” said Josh Kopelman, Managing Partner at First Round Capital. “The startup community in Philadelphia is an ideal place for entrepreneurs to grow their companies and develop their talent.”

Termaxia was founded by renowned innovators in the tech industry in Philadelphia. CEO Dr. Changbin Liu, has extensive industry experience at AT&T and as an Openstack core developer. Fellow co-founder and Chief Scientist, Boon Thau Loo, is an award-winning professor in the Computer and Information Science (CIS) department at the University of Pennsylvania.

“We are thrilled with the Angel Fund investment we received through the StartupPHL initiative,” said Dr. Liu. “Termaxia is developing a big data storage solution and the support of StartupPHL was critical in helping us get started.”

The announcement marks the final investment from the initial StartupPHL Seed + Angel Fund as the three year initial term has been reached. Over the last three years, the fund has invested about $1.1M of PIDC’s capital in 10 Philadelphia startups – which was matched by over $5 million from First Round Capital and Josh Kopelman. The 10 StartupPHL portfolio companies employ more than 100 people and have raised over $36 million in total venture capital to date. Pleased with the results of what is being called ‘Fund I,’ PIDC is looking to continue the momentum into the future.

“Following the success of Fund I, which has increased access to early stage capital in Philadelphia, we are excited about the opportunities for the next iteration of the StartupPHL Fund,” said John Grady, President and CEO of PIDC. “We want to continue to invest as early as possible to support leverage, growth and returns as well as increase capital available.”

PIDC announced today the release of a Request For Proposals (RFP) for fund management and investment services for StartupPHL Fund II. PIDC is seeking an experienced investment organization with a clear vision for cultivating a thriving startup economy in Philadelphia and the demonstrated capacity to market, co-invest in, and manage Fund II. The RFP can be downloaded from the PIDC website at PIDCphila.com/tools/contract-opportunities. Responses are due on August 31, 2016.

The City of Philadelphia’s Department of Commerce has also announced plans for the fifth round of Call for Ideas grants. Further details on the latest Call for Ideas grants, including the focus, will be released in August. The Call for Ideas is a City funded grant program to support innovative, exciting proposals for ideas and programs that support startups and entrepreneurs of all stripes in Philadelphia. Past recipients have included Coded by Kids, Techgirlz, and Philly Startup Leaders.

“As we prepare for the launch of Fund II, the City looks forward to continuing our support of the StartupPHL platform and its many programs,” said Commerce Director Harold T. Epps. “One of the other key resources provided by StartupPHL is the Call for Ideas grants, which help to seed the next generation of entrepreneurs throughout our city. We are excited to welcome the next batch of applicants and to continue fostering a network of support for Philadelphia’s entrepreneurs.”

As part of its ongoing growth, StartupPHL launched a new website earlier this year,www.startupphl.com, to provide entrepreneurs with information about funding and the ability to submit ideas. It also participated in South by Southwest® (SXSW), the premier trade show and conference that serves as a launch pad for emerging technologies and innovative content, and launched the Amplify Philly branding campaign. Officially branded as “StartupPHL Presents Amplify Philly SXSW Edition,” the campaign builds on the city’s existing efforts to attract global investment and accelerate the growth of the Philadelphia startup community.

TBT: Why You Should Start a Company in… Philadelphia

March 15, 2010 | Fast Company by Laura Rich

When you look around the country, you see that second-generation entrepreneurs play a big role in thriving communities. They serve as mentors, cheerleaders and early capital sources. Philadelphia is an exception to the rule. Because despite a Web 1.0 legacy of hits like CDNow (acquired by Bertelsmann in 2000 for $117 million), Half.com (acquired by eBay in 2000), e-commerce company GSI ($1.55 billion market cap) and VerticalNet (valued at $12 billion in 1999), the city is mainly driven by first-generation entrepreneurs and few of them have hit a serious scale or impact yet.

But what Philadelphia’s current startup scene lacks in experience it makes up for in enthusiasm. Blake Jennelle, a self-appointed leader of the community, founder of Philly Startup Leaders and a serial entrepreneur (Anthillz, TicketLeap), calls it a “self-help ethos.” That sounds about right for a place known as the City of Brotherly Love.

Josh Kopelman, managing partner at First Round Capital, spoke with Fastcompany.com about what makes Philadelphia’s startup scene unique.

What makes Philadelphia a great place for new businesses?

You know, it’s called the City of Brotherly Love and I actually think they mean it when it comes to startups. Philly is small enough and intimate enough that most of the entrepreneurs actually know each other. There’s an unbelievable sense of community.

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Hometown Glory: Get Startup Grants and Seed Investments From Your City

November 16, 2015 | Entrepreneur Magazine by Michelle Goodman

After earning an MBA from the Wharton School at the University of Pennsylvania, Ashrit Kamireddi was prepared to go wherever he had to in order to raise seed money to grow VeryApt, his apartment-review platform. But thanks to a $100,000 angel investment from Philadelphia’s StartUp PHL program, which invests in local entrepreneurs, he didn’t have to leave town. This was good news for Kamireddi, who has hired four full-time employees since raising a total of $270,000 in seed funds, and expanded his operations to 10 other cities. Philly, which launched its $6 million startup fund in 2012, is among several major cities offering grants and seed investments for entrepreneurs. Among them, Detroit boasts two venture funds for early-stage companies, with a portfolio of nearly 80 startups; Denver awards $35,000 in annual grants to new companies.

So, what’s the best way to gain access to these funds? To identify opportunities, check with your city’s economic development office, incubators, accelerators, co-working spaces, networking groups and anywhere else startup founders and advisors congregate. Begin building relationships long before you’re ready to raise capital—even a year or two in advance, advises Archna Sahay, Philadelphia’s manager of entrepreneurial investment, who regularly counsels entrepreneurs about pitching Startup PHL. “The minute you realize you want to take on the investment is when you need to start having that conversation,” she says.

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Mayor Nutter Announces Startup PHL Investment in Scholly

Education startup the 9th Philly company to receive investment

PRESS RELEASE Philadelphia – Mayor Michael A. Nutter announced that the Startup PHL Angel Fund has made a $100,000 investment in Scholly, a Philadelphia startup which has developed an app that gives students a fast and simple way to find scholarships for college. Scholly also recently won the Rise of the Rest pitch competition securing a $100,000 investment from AOL founder Steve Case on his visit to Philadelphia earlier this week.

“My Administration has worked diligently to build on this city’s history of innovation by providing the support and programming needed by young companies to grow and prosper in Philadelphia,” Said Mayor Nutter. “More companies are choosing not just to launch in the City of Philadelphia but to stay and grow their businesses here as well. Talent is also staying and finding opportunities for themselves in the vibrant startup economy in Philadelphia. My Administration is proud to do all we can to continue to promote Philadelphia as one of America’s top startup cities. Thank you to our partners at PIDC and First Round Capital for making this work possible.”

Scholly has partnered with the White House’s My Brother’s Keeper Initiative to provide the app to 275k students across America each year. The app has also been endorsed by the Coca Cola Scholars Foundations and the Gates Millennium Scholars Foundation. In less than two years, Scholly has helped students raise at least $20 million in scholarship funds.

Scholly was recently on Shark Tank and was chosen as one of Inc. Magazine’s Top College Start Ups. The company has won UnderArmour’s Cupid’s Cup Competition as well as Drexel’s Incubator competition and was chosen as one of Philly’s Coolest Start Ups of 2013. Founder Christopher Gray, a recent graduate from Drexel and an Ernst and Young Entrepreneur of the Year for 2015 for Philadelphia, along with his co-founders Bryson Alef and Nick Pirollo launched the app in May 2013

“Startup PHL is a great opportunity for us and really shows that Philadelphia is growing as a startup ecosystem,” said Scholly founder Christopher Gray. “We are excited to make Philadelphia our home, create more jobs, and be a part of what will be one of the next hubs of entrepreneurship.”

Startup PHL is an initiative between the City of Philadelphia, PIDC, and First Round Capital to support the growth of startups in Philadelphia. The Startup PHL Seed Fund and Startup PHL Angel Fund are partnerships between PIDC and leading venture capital firm First Round Capital to make investments in Philadelphia-based startups. Scholly is the ninth company to receive an investment with $1,149,997 invested in Philly startups since 2013.

“I’ve known Chris since his days as a student investor with our Dorm Room Fund. He and his team at Scholly have accomplished an incredible amount in a very short period of time, and I’m thrilled to continue to work closely with them through Startup PHL.” said Josh Kopelman, Partner at First Round Capital.

“The success of the Startup PHL Initiative continues to showcase Philadelphia as a top competitor in the startup community,” said John Grady, President of PIDC. “PIDC is committed to investing in businesses like Scholly that not only serve Philadelphia’s economy but supports priorities like education. We are proud to partner with First Round Capital and look forward to supporting the next inventive entrepreneur.”

Startup PHL also provides grant funding through its Call for Ideas program. This grant program managed by the Department of Commerce provides grants to initiatives or organizations that are supporting startups and entrepreneurs in Philadelphia. The program has awarded over $300,000 in grants to date to support Philadelphia’s startup community through a range of organizations such as Startup Corps, Philly Startup Leaders, Ben Franklin Technology Partners, Campus Philly, Techgirlz and Coded by Kids. The next round of Call for Ideas grants will be made next week.

“Over the last few years Philadelphia’s profile as a city from which to launch and grow exciting, innovative companies has grown tremendously and the success of firms like Scholly is testament to that progress,” said Alan Greenberger, Deputy Mayor for Economic Development. “Philadelphia has become a city of choice for startups and for larger firms looking to acquire some of the top talent in the nation and I am proud of what we have been able to do to support the growth of this community.”

Mayor Nutter Announces StartupPHL Investments, Creation of New StartupPHL Angel Fund, and Opens Latest ‘Call for Ideas’

Philadelphia, November 12, 2014 – Today Mayor Michael A. Nutter announced a range of investments in Philadelphia’s startups and entrepreneurs through Startup PHL, an initiative of the City of Philadelphia’s Commerce Department, PIDC, and First Round Capital to provide funding for early-stage companies and to support programs that develop the startup community in Philadelphia. The Startup PHL initiative encompasses a range of programs including the Call For Ideas, Startup PHL Funds, and the University City Science Center QED program. Through Startup PHL Funds and co-investments from First Round Capital six Philadelphia startups have received more than $1 million in combined seed or angel investment since October 2013, and through the Call For Ideas Grants ten organizations have received more than $200,000 in funding to support entrepreneurship programming.

“For Philadelphia to continue to grow we must be a city that welcomes exciting, innovative companies and the type of talented workforce that wants to work for those companies,” said Mayor Nutter.  “Through Startup PHL our goal is to send the message that Philadelphia is one of America’s great startup cities and that we are committed to helping entrepreneurs start and grow their businesses in our city.”

In October 2012 the City of Philadelphia, PIDC and First Round Capital announced the creation of the Startup PHL Seed Fund to invest in fast-growing startups in Philadelphia.  Today, First Round Capital and PIDC announced a combined $400,000 seed investment in Velano Vascular, an innovative medical device company, which has pioneered a needle-free method for drawing blood from hospitalized patients.  The company was recently recognized by the Sheikh Zayed Institute for Pediatric Surgical Innovation at Children’s National Hospital, Washington, DC and received a $50,000 prize for innovation in pediatric surgical care.

In addition to Velano Vascular, the Startup PHL Seed Fund has funded two other companies to date, including healthy meal delivery company Real Food Works, announced last year, and a third Philadelphia startup, which is not yet public. Also last year, PIDC made a $750,000 investment in the DreamIT Ventures program to support follow-on funding rounds of those companies participating in DreamIt Ventures’ highly successful accelerator programs.

Mayor Nutter also announced that PIDC and Josh Kopelman of First Round Capital have created the Startup PHL Angel Fund, which increases the range of Philadelphia funding options available to city’s earliest-stage startups.  Making investments from $25,000 to $100,000, the StartUp PHL Angel Fund co-invests alongside angel investors to help very early-stage companies build a minimum viable product or validate key assumptions.

“We are thrilled to contribute to the growing resources available to the Philadelphia community of entrepreneurs through the Startup PHL Seed and Angel Funds,” said Josh Kopelman, the founder of First Round Capital.  “PIDC has been a terrific partner in this endeavor, and we look forward to working with them and Mayor Nutter’s Administration to attract and support the next generation of Philly founders.”

Josh Kopelman and John Grady, President of PIDC, will announce the first three Startup PHL Angel Fund investments of $100,000 at an event this evening organized by Philly Startup Leaders, Technically Philly and Startup PHL to build connections between Philadelphia startups and young people studying in the city.

Squareknot is a way for people to create beautiful step-by-step guides. Users can collaborate on guides by branching off in separate directions to demonstrate their unique way of doing the same thing. By organizing steps and guides the same way that Google Maps might organize multiple routes, and combining that with the crowdsourcing philosophies of Wikipedia, Squareknot will become the de facto destination site for how to do things online.  Founder Jason Rappaport said, “When we were deciding where to put Squareknot, Philadelphia was a very clear choice for us. It’s turned out to be one of the smartest decisions we’ve ever made. Philly has proven itself to be one of the most supportive cities in the country. We feel like we can do something good and make a dent here.”

Tesorio enables companies to self-finance their daily operations, streamlining early payments on invoices so suppliers get paid early and buyers optimize returns on cash.  Carlos Vega, founder of Tesorio said, “Philly has a tight-knit and unassuming tech community that has been helpful at every step. Corporations and potential clients are always ready to talk. Investors and lawyers are accessible and generous with advice. Veteran entrepreneurs are collaborative and truly want to see you succeed. The strength of this network and abundance of talent from local universities drove us to choose Philly for Tesorio.”

VeryApt combines user reviews with big data analytics to deliver intelligent, personalized apartment recommendations.  Founder Ashrit Kamireddi explained his choice to locate in Philadelphia.  “When it came to choosing the long term headquarters for VeryApt, our primary focus was picking a city where we could hire high quality talent.  Philadelphia was the obvious choice because of its amazing universities, rapidly growing millennial population, and affordability. We have also been incredibly impressed by Mayor Nutter’s commitment to fostering entrepreneurship and we’re really excited to be part of Philly’s entrepreneurial revolution!”

“Together the Startup PHL Seed and Angel Funds provide much needed early stage capital to help make Philadelphia an attractive place for entrepreneurs,” said John Grady, President of PIDC. “PIDC is committed to driving growth throughout the city and our Startup PHL initiative is a great way to help support the growth for this important sector of Philadelphia’s economy. We are proud to partner with First Round Capital and Josh Kopelman to create these funds and invest in these terrific businesses to launch and grow here in Philadelphia.”

Finally Mayor Nutter announced that the City of Philadelphia’s Commerce Department is now accepting applications for the third round of Startup PHL Call for Ideas, a program providing grants to initiatives or organizations that are supporting startups and entrepreneurs in Philadelphia.  The program has provided ten grants to date investing $217,400 in Philadelphia’s startup community through a range of organizations such as Startup Corps, Philly Startup Leaders, Ben Franklin Technology Partners, Campus Philly, and the Philly Dev Camp.  The closing date for applications for the third Call for Ideas is Friday January 2, 2015.  Further information, along with details of previous investments and how to apply, can be found at www.startupphl.com.

“Supporting startups and entrepreneurs across Philadelphia through programs such as Startup PHL is one of our top priorities and we’re seeing real success from these efforts,” said Alan Greenberger, Deputy Mayor for Economic Development.  “Businesses from across the region, country and around the world are giving Philadelphia a second look as a place to locate due to our talented workforce, our livable downtown, the strong network to plug into, and the ease of doing business in our city.  It is thanks to partners such as PIDC and First Round Capital that the case for moving a business to Philadelphia is an increasingly convincing case to make.”

The growth of Philadelphia as a startup hub is an exciting trend for the future of the city.  From major corporations such as Comcast and Independence Blue Cross investing in innovation to the continued growth of grassroots efforts such as Philly Startup Leaders, N3RD Street, and Philly Tech Week, recent years have seen an increase in the level of activity supporting startups.  Companies such as RJ Metrics, Cloudmine, and Leadnomics have raised venture capital and moved into larger office space while businesses such as SevOne, Think Brownstone, and Eastern Standard have established Philadelphia offices.

PRESS RELEASE: Mayor Nutter, First Round Capital and PIDC Announce First Startup PHL Seed Fund Investment

Real Food Works moves headquarters to Philadelphia, receives $200,000 seed investment.

October 24, 2013 – Mayor Michael A. Nutter, along with First Round Capital and the Philadelphia Industrial Development Corporation (PIDC), announced that Real Food Works will receive the first investment from the Startup PHL Seed Fund. Real Food Works partners with local restaurants to provide customers with healthy prepared meals. It will receive a $200,000 investment from the Startup PHL Seed Fund.

“The goal of Startup PHL is to help innovative new companies to start and grow in Philadelphia, and this investment in Real Food Works is an example of that strategy,” said Mayor Nutter. “Lucinda and her team have created a company that supports the local economy and encourages people to eat healthy food. This investment will allow Real Food Works to continue growing and is the first of many investments in Philadelphia startups that will be made through Startup PHL.”

Real Food Works will receive a $200,000 investment from the Startup PHL Seed Fund, a $6 million seed stage investment fund, in which both PIDC and First Round Capital have invested $3 million. First Round Capital manages the fund.

John Grady, President of PIDC said, “We are proud of our partnership with First Round Capital and the City of Philadelphia to launch the Startup PHL Seed fund to increase the availability of seed-stage capital and to help make Philadelphia an attractive place for entrepreneurs. As a successful startup that has relocated to Philadelphia, Real Food Works is a perfect demonstration of the power of the Startup PHL Seed Fund making the City a great environment to launch and grow business.”

First Round Capital Managing Partner Josh Kopelman said, “We are excited to contribute to the growing vibrancy of the Philadelphia startup ecosystem, to be working with innovative partners, the Philadelphia Industrial Development Corporation and the City of Philadelphia. We are thrilled that our first investment together is in such a great company and entrepreneur. Real Food Works is tapping into an important trend of healthier eating, and the company’s scalable model and technology promises great growth. And, of course, backing a proven entrepreneur gives us tremendous confidence.”

Lucinda Duncalfe, Founder and CEO of Real Food Works, created the company after being inspired to eat a more healthy diet. She founded Real Food Works in May 2012 and incubated the company at Monetate in Conshohocken, Pennsylvania. In June 2013, Duncalfe moved Real Food Works to Philadelphia, where it is currently located at 224 North Juniper Street. Real Food Works employs 10 people.

“The investments from First Round Capital, Startup PHL and Benjamin Franklin Technology Partners are a vote of confidence in Real Food Works’ vision, technology, and team,” said Duncalfe. “We’re grateful for their support, and look forward to working together to make our dream of a healthier America based on a real food diet a reality.”

Benjamin Franklin Technology Partners of Southeastern PA is also an investor in Real Food Works. President and CEO RoseAnn Rosenthal added, “We’re happy to, once more, be an investor in one of Lucinda’s ventures. We’ve partnered in the past and are thrilled to see her launch yet another enterprise. Her actions reflect the commitment and confidence of entrepreneurs who have achieved success, here, and who are choosing to do it again, here.”

Mayor Nutter launched the Startup PHL initiative in October 2012. In March 2013, the City and PIDC announced that First Round Capital would manage the Startup PHL Seed Fund. The Startup PHL Call for Ideas, another portion of the initiative, is designed to provide small grants to organizations working to support entrepreneurs in Philadelphia. The second round of funding will be announced next week by the Department of Commerce, led by Alan Greenberger, Deputy Mayor for Economic Development.

“Philadelphia is increasingly seen as a home for startups, entrepreneurs and investment with more and more companies locating here” said Greenberger. “Startup PHL is the City’s effort – in partnership with First Round Capital and PIDC – to support this growth and attract new job-creating businesses, firmly establishing Philadelphia as a hub for innovation and entrepreneurship.”

Startup PHL:
Startup PHL is a collaborative effort between the City of Philadelphia Department of Commerce and the Philadelphia Industrial Development Corporation (PIDC). The Startup PHL Seed Fund is an effort by the City of Philadelphia and PIDC to increase the availability of investment capital for Philadelphia-based startups. The Startup PHL Call for Ideas is a grant program to support innovative proposals for ideas that support business creation and entrepreneurs of all stripes in Philadelphia. More information about Startup PHL can be found at www.startupphl.com. More information about the City of Philadelphia Department of Commerce can be found at www.phila.gov/commerce.

Real Food Works:
Real Food Works delivers fresh meals made with only all-natural whole food ingredients. The meals are developed and cooked fresh by a network of local independent restaurants, which create specific meals to meet the real food diet’s nutritional requirements — ensuring delicious, nutritious food. The real food diet has been popularized in New York Times bestsellers, including The China Study, VB6, and Whole, the Amazon best-selling documentary Forks over Knives, and by celebrities including Alec Baldwin, Gwyneth Paltrow and Alicia Silverstone. Located in Philadelphia, the company was founded by seasoned entrepreneur and healthy food fanatic Lucinda Duncalfe and is backed by leading investors. For more information, visit https://www.realfoodworks.com/.

Philadelphia Industrial Development Corporation:
Beginning in 1958 as a non-profit joint venture between the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, PIDC is Philadelphia’s economic development corporation. In the past 55 years, PIDC has invested more than $11.4 billion in Philadelphia supporting $21 billion of total project costs. Currently managing a diverse loan portfolio in excess of $600 million, PIDC brings years of experience and a wealth of knowledge to structuring real estate and financing transactions that attract investment and create and retain jobs in the City of Philadelphia. PIDC has partnered with First Round Capital to create a $6 million public/private venture fund, the Startup PHL Seed Fund. Both PIDC and First Round Capital have invested $3 million and First Round Capital manages the fund increase the availability of investment capital for Philadelphia-based entrepreneurs.

Ben Franklin Technology Partners of Southeastern Pennsylvania:
Celebrating its 30th Anniversary, Ben Franklin Technology Partners of Southeastern Pennsylvania is a national, award winning organization that provides capital, knowledge and networks that help innovative enterprises generate jobs and economic growth. Ben Franklin is the single largest investor in seed-stage companies in this region, and is one of the most active seed-stage investors in the United States. Three-quarters of all recent venture funded companies in the Greater Philadelphia region had previously received funding from Ben Franklin. The Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.

First Round Capital to Manage $6 Million Startup PHL Seed Fund

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.”

Mayor Nutter Announces one of America’s Leading Investors To Move Headquarters To Philadelphia

PRESS RELEASE: August 15, 2012

“Mayor Michael A. Nutter announced today that First Round Capital, led by leading venture investor Josh Kopelman, will be moving its headquarters to Philadelphia. First Round Capital is one of the most active early-stage venture capital firms in the country, having helped to fund and start more than 200 companies since it was founded in 2004. First Round will open its 10,000-square-foot facility in West Philadelphia on Wednesday, September 19, at a ceremony to be attended by Mayor Nutter…”

“The arrival of Josh Kopelman in Philadelphia is a game changer,” said Mayor Michael A. Nutter. “When one of America’s leading entrepreneurs and investors sees Philly as a place of ideas and innovation, a place where those ideas can be transformed into successful businesses and jobs, and feels the need to be part of it, he sends an incredibly powerful message about what is going on in our city. Welcome to Philly, Josh. We’re just getting started.”

First Round Capital partner Josh Kopelman said, “We’ve begun to see more really exciting companies get their start in Philadelphia and more entrepreneurial activity at Philadelphia’s universities. For me this is more than just an office move. It’s a way for me to get more involved in helping local entrepreneurs get their businesses off the ground, and I’m looking forward to playing a more active role in helping the current generation of Philadelphia entrepreneurs make their mark.”

Earlier this year Josh Kopelman was named as one of the top ten ‘angel investors’ in the United States by Newsweek magazine, and was ranked sixth on Forbes 2012 “Midas List” of the top 100 tech investors. He has been an active entrepreneur and investor for more than twenty years, co-founding the company Infonautics Corporation while still a student at the University of Pennsylvania in 1992. In 1996 Infonautics went public and in 1999 Josh left to found the website Half.com which he sold to eBay one year later. In late 2003 Josh helped to found TurnTide, an anti-spam company that created the world’s first anti-spam router. TurnTide was acquired by Symantec just six months later.

In addition to being an active investor, Josh has served as an Entrepreneur-in-Residence at Comcast Interactive Capital and is an inventor on ten U.S. Patents for his work in Internet technology. Josh has been recognized as one of the “10 Most Influential People in Philadelphia Technology” by the Philadelphia Inquirer, one of the “76 Smartest Philadelphians” by Philadelphia Magazine and as one of forty individuals under the age of forty who have made the biggest impact on the Philadelphia region by the Philadelphia Business Journal.

First Round Capital, currently headquartered in West Conshohocken, will initially employ approximately 10 people in the Philadelphia office. The facility will have space to host five startup companies including, initially, Uber Philadelphia, Curalate, and Technically Philly. In addition, there will be space for 24 entrepreneurs to develop their concepts and event space to host educational and community events. The building previously was the site of another Philadelphia entrepreneurial landmark – the first “Urban Outfitters” retail location.

“Philadelphia is starting to establish itself as a player in the world of startups and innovation,” said Alan Greenberger, Deputy Mayor for Economic Development. “We have no shortage of ideas in this city due to the incredible talent emerging from our colleges and universities, but too often those ideas leave in search of early-stage funding. First Round Capital’s arrival in Philadelphia is a strong signal that this city, which has led this country in innovation since its founding, will continue to be a America’s home for ideas, entrepreneurship and business creation.”