Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Rick Siger announced that a total of $3 million has been awarded through the Ben Franklin Technology Development Authority (BFTDA) to a pair of Pennsylvania venture capital firms that will make investments in early-stage technology companies.

“The Shapiro Administration is committed to investing in high-growth, innovative industries and firms because it’s an investment in the future of Pennsylvania,” said Secretary Siger. “DCED is proud to continue our work with BFTDA and provide funding for these cutting-edge companies that will continue to move our economy forward.”

The BFTDA awarded $2 million on behalf of Osage Venture Partners, a Bala Cynwyd, Montgomery County-based fund that will target investments of up to $2-8 million in approximately 15 early-stage technology companies, with an emphasis on business-to-business (B2B) companies.

Osage Venture Partners will be led by a group of investors including founder Robert Adelson and Managing Partners Nate Lentz, Sean Dowling and Emily Foote.

BFTDA also awarded $1 million on behalf of Tech Council Ventures, a New Jersey-based fund that will target investments of up to $3-4 million in roughly 25 early-stage technology companies in the Mid-Atlantic region, focusing on companies based in health care information technology, clean technology and the life sciences.

Tech Council Ventures is led by managing partners James Gunton, Stephen Socolof and Mark Kolb.

As one of the oldest and most emulated state technology development programs in the nation, the BFTDA was established to promote an entrepreneurial business environment, advance technology innovation, and create a technology-ready workforce.

The mission of the Ben Franklin Technology Development Authority is to encourage and coordinate programs and investments, which advance the competitiveness of Pennsylvania’s companies and universities in the global economy.

For more information about the BFTDA or Department of Community and Economic Development, visit DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, Twitter, and LinkedIn.

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Penny Ickes

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