Ben Franklin Technology Partners of Southeastern Pennsylvania have teamed up with Safeguard Scientifics and Independence Health Group (the parent company of Independence Blue Cross) to spread some cash across Philly’s thriving digital health startup ecosystem. They hope to support early stage digital startups from seed stage to series B.
MedCityNews reports that the new fund announcement was unveiled at the Philly Startup Leaders Founder Factory conference earlier this week.
The new fund will make investments anywhere from $50,000 to $1 million dollars. Each organization contributed $2 million dollars to the fund. Ben Franklin Technology Partners will manage the fund and outside investors are invited to participate but must commit to matching funds in each round.
Independence Blue Cross is no strange to startups, they’ve partnered in the past with Philly’s well known DreamIt accelerator.
Philadelphia is quickly becoming one of the larger startup hubs across the country. First Round Capital injected $6 million dollars into startups based in Philly with a seed stage fund launched four years ago.