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.”

PIDC to Invest $500K in University City Science Center’s QED Program

Philadelphia, March 19, 2013 – The Philadelphia Industrial Development Corporation announced today that through its Penn Venture Fund, it will invest up to $500,000 in the University City Science Center’s QED Program, the country’s first multi-institutional proof-of-concept funding program for healthcare and life sciences technologies.  PIDC’s loan will provide direct funding to qualifying research projects at Philadelphia-based academic and research institutions participating in QED. The projects will be developed and selected through QED’s market-driven process. The loan will be repaid from PIDC’s share in proceeds from successful projects.

“PIDC is excited to invest with partners like First Round Capital and the University City Science Center, both of which are highly respected national leaders in their fields,” said PIDC President John Grady.  “These new investments are both designed to bring more capital to entrepreneurs in Philadelphia at earlier stages, so that they can turn their big ideas into reality sooner and more efficiently.  Today’s announcement illustrates PIDC’s ongoing commitment to find innovative ways to partner with the public and private sectors and to develop new resources for Philadelphia businesses.”

The QED Program has funded a total of 16 projects since its launch in April 2009.  So far, five of the projects have resulted in technology options or licenses, and close to $9 million in follow-on funding has been raised. Twenty-two universities and research institutions in Pennsylvania, New Jersey and Delaware, including 11 in Philadelphia, participate in the program.

“Due to a lack of funding, promising technologies are often stranded in the lab and never make it to the marketplace where they can have a positive impact on patients’ lives,” says Science Center President & CEO Stephen S. Tang, Ph.D., MBA. “PIDC’s investment will help launch new companies that commercialize Philadelphia-based discoveries.  We at the Science Center look forward to working with PIDC to encourage these companies to stay and grow in the city.”

First Startup PHL Call for Ideas Awards Announced

Philadelphia, March 19, 2013 – Mayor Michael A. Nutter announced today that six local organizations will receive Startup PHL grants from the City of Philadelphia for programs or services that support the entrepreneurial community in Philadelphia.  The Startup PHL ‘Call for Ideas’ received more than 115 submissions, which were reviewed by City officials, PIDC, and representatives of the entrepreneurial and startup community. The grant winners are the following:

  • Ben Franklin Technology Partners/Campus Philly – $25,000 to create a Targeted Internship Matching Program to place Philadelphia-area college and university students at BFTP portfolio companies in Philadelphia this summer. The goals of the program are to provide Philadelphia startups with talent and to connect college students to startups/mentors, increasing the likelihood that they stay in Philadelphia post-graduation.  Matching funding will be provided by the companies hosting interns.
  • The Enterprise Center, Center for Culinary Enterprises, Philly Food Innovation Program – $15,000 to support the development of a workshop series for 25 early to middle stage food entrepreneurs to help accelerate their businesses.
  • Greater Philadelphia Chamber of Commerce – $18,400 to develop an online Entrepreneur’s Resource Directory, working with Select Greater Philadelphia, PACT and the Philadelphia startup community.  The Directory will provide a centralized location for entrepreneurs to find information on funding sources, professional and technical expertise, specialized facilities and professional services.  Matching funding will be provided by a corporate sponsor or the Chamber.
  • PhillyCORE Leaders – $15,000 to support the Supporting Entrepreneurship in Education (SEED) program, which includes a pitch event for education entrepreneurs to compete for funding.  The winning teams will then participate in the Fels Institute Social Innovations Lab to further develop their ideas.  Matching funding will be provided by corporate sponsorship.
  • Startup Corps – $20,000 to support the expansion of the high school entrepreneur program that provides programming to a diverse range of teenagers looking to develop entrepreneurial skills and build businesses.  In 2013 Startup Corps plans to expand the number of students served by 50% and develop new partnerships with organizations that support entrepreneurs.  Matching funding will be provided by private sponsorship.
  • VentureF0rth – $25,000 to create a ‘community commons’ space at the existing VentureF0rth co-working facility that will provide an increased range of services to the startup community, including daytime programming, job training for individuals looking for work in the technology sector, and an increase in the number of entry-level low-cost spots available to entrepreneurs.

Alan Greenberger, Deputy Mayor for Economic Development, said, “The overwhelming response to the ‘Call for Ideas’ is further evidence of the strength of Philadelphia’s startup and entrepreneurial community and one of the many reasons why the Nutter Administration is committed to supporting business creation in Philadelphia.  Increasingly Philadelphia is becoming a place of choice for businesses to start, stay and grow and the Startup PHL initiative is just one more tool we have to help make that happen.”

The City of Philadelphia and PIDC expressed their gratitude to the following people for their support and assistance: Andrea Allon (Greater Philadelphia Chamber of Commerce and PIDC Board Member), David Brussin (Monetate), M. Therese Flaherty (Wharton Small Business Development Center), Steve Goodman (Morgan Lewis), Apu Gupta (Curalate), Sam Landman (Comcast Ventures), Bob Moul (Artisan Mobile and Philly Startup Leaders), and Richard Vague (Gabriel Investments).

Philadelphia named a Bloomberg Mayors Challenge Winner

Philadelphia is awarded $1 million prize to support an innovative initiative to help social entrepreneurs solve urban challenges

PRESS RELEASE: Mayor Michael A. Nutter today announced that the City of Philadelphia is one of the five winners in the Bloomberg Philanthropies’ Mayors Challenge, a competition to inspire American cities to generate innovative ideas that solve major challenges and improve city life – and that ultimately can be shared with other cities to improve the well-being of the nation. Philadelphia was selected as a Mayors Challenge winner out of a pool of over 300 applicant cities, based on four criteria: vision, ability to implement, potential for impact, and potential for replication. Philadelphia will be awarded a $1 million innovation prize to implement its idea to create the Philadelphia Social Enterprise Partnership, a new effort to engage social entrepreneurs in working with city government and other partners to tackle urban challenges. Philadelphia will also receive a sculpture created by world-renowned designer Olafur Eliasson to commemorate each of the Mayors Challenge winners.

“Philadelphia’s selection as a Mayors Challenge winner is a huge honor for our city and a testament to the creative, innovative work that is going on across city government,” said Mayor Nutter. “Through the Philadelphia Social Enterprise Partnership, our goal is to explore innovative new approaches to issues affecting cities across the country and ultimately to improve the quality of life for our residents. I want to thank Mayor Bloomberg and the Mayors Challenge for supporting innovative thinking in cities across America. The City of Philadelphia is also grateful for the efforts of GoodCompany Ventures and the Wharton Social Impact Initiative; both partners were integral to the successful collaboration that advanced our application through the Mayors Challenge process.”

“Procurement processes can stifle innovation and prevent local leaders from solving pressing city problems,” said Michael R. Bloomberg, philanthropist and Mayor of New York City. “Mayor Nutter’s winning idea will help city government leverage innovation and creative talent to tackle an array of major challenges. Bloomberg Philanthropies is eager to see this idea take hold in Philadelphia and across the country.”

The Philadelphia Social Enterprise Partnership will create a process through which entrepreneurs and city government can work together on researching, developing, and applying innovative solutions to urban challenges. By building on existing innovations taking place in Philadelphia and cities around the country – such as opening up city data for use by citizens and entrepreneurs – Philadelphia will demonstrate that creating partnerships between innovators within and outside of government provides the opportunity to develop more effective solutions to some of our most intractable challenges. Philadelphia will identify two to three issues per year for which it will seek proposals from entrepreneurs, bringing them to the city to develop and pilot their ideas through a proven social enterprise accelerator program.

The Mayors Challenge is a competition to inspire American cities to generate innovative ideas that solve major challenges and improve city life. Mayors of U.S. cities with 30,000 residents or more were eligible to compete, with 305 cities representing 45 states submitting applications last September. Providence was awarded the $5 million grand prize, while Chicago, Houston, and Santa Monica were also awarded $1 million prizes. To learn more about the Mayors Challenge, visit bloomberg.org/mayorschallenge.
The Mayors Challenge is the latest initiative of Bloomberg Philanthropies’ Mayors Project, which aims to spread proven and promising ideas among cities. Other Mayors Project investments include Cities of Service, Innovation Delivery Teams, and Financial Empowerment Centers.

About Bloomberg Philanthropies
Bloomberg Philanthropies is on a mission to improve and lengthen lives. We focus on five key areas to create lasting change: Public Health, Environment, Education, Government Innovation, which includes the Mayors Challenge, and Arts & Culture. Bloomberg Philanthropies encompasses all of Michael R. Bloomberg’s charitable activities, including his foundation and his personal giving. In 2012, $360 million was distributed. For more information, please visit www.bloomberg.org. For more information on Bloomberg Philanthropies, media should contact Meghan Womack, meghan@bloomberg.org.

Blackstone Charitable Foundation Expands Campus Entrepreneurship Platform Bringing “Blackstone LaunchPad” to Pennsylvania

December 03, 2012 | PRESS RELEASE

“The Blackstone Charitable Foundation announced today that it is bringing Blackstone LaunchPad to Pennsylvania to train Philadelphia’s next generation of entrepreneurs. The Blackstone Charitable Foundation’s $3 million grant establishes a partnership between the University City Science Center, Temple University and Philadelphia University to introduce entrepreneurship as a viable career option and provide university students and alumni with the skills, knowledge, and guidance to transform new ideas into viable companies. The Pennsylvania Blackstone LaunchPad programs are expected to generate some 100 ventures and hundreds of jobs over the next five years…”

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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.”