Harrisburg, Pennsylvania – Today, Acting Secretary of the Department of Community and Economic Development (DCED), Neil Weaver, and the Ben Franklin Technology Development Authority (BFTDA) announced that $2.5 million has been awarded on behalf of 3 Points Rising Ventures Equity I, LP, a Pittsburgh-based fund. which will target investments of up to $2 million in up to 15 technology start-ups each year.
“When we invest in companies that innovate and make change, we are investing in the future of Pennsylvania,” Acting Sec said. Weaver. “Providing funds to venture capitalists who finance start-up businesses in the Commonwealth helps create growth opportunities for our communities. The DCED is proud to continue its work with the BFTDA.
3 Points Rising Ventures will focus its efforts on the western Pennsylvania start-up market, with an emphasis on business-to-business software companies. The company is created by Ed Engler, who co-founded Pittsburgh Equity Partners Fund in 2009. He is joined by Karl Thomas, a former US Navy reservist, who previously worked as an engineer for Michael Baker Corporation and more recently as a business. developer at the Swartz Center at Carnegie Mellon University.
As one of the oldest and most imitated state technology development programs in the country, the BFTDA was established to promote an entrepreneurial business environment, advance technological innovation and create a workforce ready for technology.
The mission of the Ben Franklin Technology Development Authority is to encourage and coordinate programs and investments that advance the competitiveness of Pennsylvania businesses and universities in the global economy.
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Penny Ickes, DCED, [email protected]
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