Drexel University creates a $10m early-stage fund with seed-stage capital investor Ben Franklin Technology Partners of Southeastern Pennsylvania to support spinouts.
Drexel University has joined with Ben Franklin Technology Partners of Southeastern Pennsylvania to create a $10m early-stage fund.
The fund, which is yet to be named, will invest in Drexel’s spinouts. One condition of the fund is that potential investment companies need to have already been involved in the university’s existing commercialisation programs.
The fund is expected to be opened up to startups created by alumni and students at some point in the future.
Ben Franklin Technology Partners of Southeastern Pennsylvania is a seed stage capital investor that invests in technology companies in the region. Through the fund it plans to invest $5m over the coming 10 years while also providing support services such as industry consulting, market analysis and access to additional capital.
