Rather than approach investors separately, social startups in Philadelphia can go directly to ImpactPHL Ventures, a new initiative from ImpactPHL, the year-old impact investing advocacy collective of investors, business leaders and non-profits.
The new funding will be used to back Philadelphia-based startups focusing on social, environmental and health issues with about $300,000 each.
Spring Point Partners, Investors’ Circle, Safeguard Scientifics, Independence Health Group, Drexel and Temple universities and the Bucks County Retirement Board put up the funds. The funds will be managed by Ben Franklin Technology Partners, a state-backed early-stage capital provider for Pennsylvania’s tech sector.
Each investor can still opt in or out of each investment, said Margaret Bradley, Ben Franklin’s director of investment partnerships. “It is both about efficiency and about communicating that Philadelphia is the place to be” for impact investing, she said.
ImpactAlpha’s editorial director, Dennis Price, agrees. He and his family have just moved to Philly’s Northern Liberties neighborhood.