Drexel University to partner Ben Franklin Technology Partners on seed fund potentially worth up to $10m.

Drexel University is launching a fundraising effort for a new seed fund which will receive matching investment from commercialisation firm Ben Franklin Technology Partners.

For every dollar Drexel raises for the fund, Ben Franklin will match it up to a total of $5m, opening the door to a potential $10m investment pot for Drexel spinouts to draw from.

Any Drexel spinout which has completed its proof-of-concept phase successfully will be eligible for investment. In addition, Ben Franklin and venture capital firm Safeguard Scientifics will provide mentoring for any spinout which receives backing from the fund.