January 15, 2015 | via PR Web, University City Science Center
Twenty startup companies in University City and Center City received a collective $1.7 million in tax credits awarded by the Pennsylvania Department of Community and Economic Development in 2014 as part of the Keystone Innovation Zone (KIZ) Tax Credit Program. All 20 companies are located in the University City Keystone Innovation Zone.
Pennsylvania’s Keystone Innovation Zone Tax Credit is a key component of the KIZ program. Up to $25 million of credits are available each year to eligible companies. Companies that do not have any tax liabilities can sell their tax credits themselves or secure a third-party, independent broker to sell the tax credit on their behalf.
Since 2006, over $6.2 million in KIZ Tax Credits have been awarded to 39 companies in the University City KIZ. “Securing non-dedicated funds through the sale of KIZ Tax Credits can be a major boost for early-stage companies operating in the life science and tech sectors” says Robert McGrath, Chair of the University City KIZ Executive Committee and Senior Associate Vice Provost at Drexel University. “The KIZ Tax Credit Program is incentive for companies to move into and stay in the City of Philadelphia and a major economic asset to our entrepreneurial community.”
Eligible companies can access up to $100,000 in tradable credits each year, and many of the awardees will invest those funds in new employees while others will purchase equipment to further develop and commercialize products and technologies. As awardee Robert Moore, Co-founder and CEO of RJMetrics, put it, “Jobs, jobs, jobs! We will use the KIZ Tax Credit to help fund our aggressive team growth. We grew from 40 to 90 people in 2014 and are planning for further growth in 2015.” …
December 19th, 2014 | Philadelphia Business Journal by Lauren Hertzler
As the year comes to a close, these five Philadelphia technology startups can look back on 2014 with pride. They all successfully raised Series B financing rounds, a massive accomplishment for a growing business.
When a startup meets significant milestones, it’s likely to secure a Series B round, if it’s going the investor route. The financing round before Series B is Series A, understandably.
- In June, Curalate, which has had consistent growth in its product’s offerings, raised $8.6 million from longtime investors New Enterprise Associates, First Round Capital and MentorTech Ventures. Vayner RSE, social media guru Gary Vaynerchuk‘s venture firm, also joined in on the funding for Curalate, a 2-year-old analytics and marketing suite for Pinterest, Instagram, Facebook and Tumblr.
- RJMetrics unveiled in September that it had raised a massive $16.5 million, led by Silicon Valley-based August Capital, which has invested in a slew of successful businesses like Microsoft, Skype and Sun Microsystems. RJMetrics’ co-founder and CEO Robert Moore said the new funding would go toward accelerating the analytics platform’s product development and continuing customer growth.
- Aclaris Therapeutics is a dermatology biotech company that raised $21 million in a private stock sale in October. The Series B venture capital financing followed the company’s completion of a phase-II clinical trial that yielded positive results for its lead product candidate, A-101, which is being developed as treatment for a common type of skin tumor known as seborrheic keratoses.
- Earlier this month, Zonoff announced that it raised $31.8 million. Last November, Zonoff entered into an agreement with Staples to provide the software platform that powers Staples Connect, a home automation solution found in hundreds of Staples retail stores today.
- LiquidHub, a systems integrator and technology consultancy that works with businesses to improve customer engagement and drive growth, announced a $53 million investment led by private equity firm ChrysCapital in March. The investment supports LiquidHub’s development plans — including more strategic mergers and acquisitions (like the one with Foundry9 in October.)
February 19, 2014 | philly.com by Claudia Vargas
Just before Mayor Nutter addressed the Greater Philadelphia Chamber of Commerce at its annual luncheon Tuesday, he celebrated the new office space of a Philadelphia start-up company that nearly doubled in size in the last year.
RJ Metrics, a tech firm that helps businesses analyze their data and has more than 250 clients including Hootsuite and Threadless, is an example of a company that can “start in Philly, grow in Philly and stay in Philly,” Nutter said at the ribbon-cutting ceremony.
Dozens of young professionals mingled around a fancy breakfast spread at the top of the Weidner Building on Broad and Chestnut Tuesday – RJ Metric’s new home to fit its 46 employee base and more – as RJ Metric’s CEO Bob Moore offered remarks alongside the mayor.
Moore, who cofounded the firm with Jake Stein in 2009, called the Philadelphia start-up scene a “rekindling of the entrepreneurial spirit of the city.”
September 24, 2013 | philly.com by Michael Hinkelman
Robert J. Moore, 29, of Society Hill, is co-founder & CEO of RJMetrics, a Center City business-intelligence software firm. The fast-growing start-up helps e-commerce companies quickly analyze data to make smarter decisions. In May, RJMetrics landed a $6.5 million investment from Trinity Ventures in Silicon Valley.
Q: How did you come up with the idea for RJMetrics?
A: My co-founder [Jake Stein] and I worked at a venture-capital firm in New York in 2006-07. My job was to help them decide on good investments. So I manually analyzed all data about a company’s customers. I saw an opportunity to do this via the Internet.
Q: What about start-up funds?
A: We decided to build the business ourselves and moved back to Philadelphia because it was more affordable and we had roots here. We started in 2009, and it was just myself and Jake. In January 2012, we raised our first outside money, $1 million, from angels, including a customer and local investors.