Montgomery County, Pa.
Ben Franklin Technology Partners of Southeastern Pennsylvania (Ben Franklin), a leading nonprofit early-stage capital investor serving Montgomery, Bucks, Chester, Delaware and Philadelphia Counties, and the Montgomery County Industrial Development Authority (MCIDA), an economic development authority that aims to maintain a high level of employment and create and maintain business opportunities in Montgomery County, Pennsylvania, jointly announced that MCIDA has made a commitment to invest an additional $500,000 in its Montco Made Investment Initiative.
Since 2018, Ben Franklin has partnered with MCIDA in the Montco Made program, which provides capital to emerging and growing companies located in Montgomery County. Under the program, Ben Franklin uses its proven investment experience to identify companies and technologies suitable for funding and allows MCIDA to participate in Ben Franklin’s investment opportunities. To date, through the Montco Made program, MCIDA has invested almost $1 million in local businesses, and today’s announcement will bring MCIDA’s total commitment to $1.5 million during the life of the program.
The Montco Made program has contributed to the successful growth and performance for numerous Montgomery County based businesses, such as software firm WealthHub, pharmaceutical company SFA Therapeutics, and healthcare company Mitochon.
“Ben Franklin has long been a tremendous supporter of companies in Montgomery County that are committed to innovation, and this partnership takes that to the next level,” said Jason Salus, Chair of the MCIDA. “We now have the resources to grow companies in Montgomery County and to create jobs in hi-tech and clean manufacturing, which is important for the continued growth of our local economy. We are proud to celebrate the success of this partnership and our strong relationship with Ben Franklin.”
“This partnership is what Ben Franklin is all about,” said Scott Nissenbaum, President and Chief Executive Officer of Ben Franklin. “By joining forces with Montgomery County, we help build on the consistent, dedicated efforts made by the County’s leaders to foster growth of its economy. In bringing capital, counsel, and connections to its growing enterprises, we’re proud to help build the County’s innovation and entrepreneurial ecosystem.”
MCIDA also is an investor in the Global Opportunity Pennsylvania Fund II, L.P. (the “GO PA Fund”), an investment fund managed by Ben Franklin. The GO PA Fund invests in technology-based ventures throughout the Commonwealth of Pennsylvania, primarily investing in follow-on opportunities with companies previously funded by Ben Franklin or by one of the other Ben Franklin Technology Partner organizations located in Pennsylvania.
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Ben Franklin Technology Partners of Southeastern Pennsylvania (“Ben Franklin”) is the Philadelphia region’s Partners with a Purpose. Nationally ranked among the most active seed and early-stage investors, Ben Franklin helps high-growth innovative enterprises plant and nurture their roots, creating both immediate connections and lasting economic growth. The nonprofit has supported more than 2,000 companies to deliver an impact of more than $5 billion and 32,000 jobs in the Philadelphia region. Whether in tech, life sciences, manufacturing, or industries and breakthroughs yet discovered, Ben Franklin works to raise the community of innovation higher, to benefit present and future generations of Pennsylvanians. Visit us at sep.benfranklin.org, or follow us at @bftp_sep.
About the Montgomery County Industrial Development Authority
The Montgomery County Industrial Development Authority is an economic development authority that provides low-interest financing to manufacturers and others to create jobs for county residents. The authority was formed under Pennsylvania’s economic development act and funds economic development from monies earned issuing tax-exempt financing to qualified county borrowers. Learn more at montgomerycountypa.gov/1015/Industrial-Development-Authority
