The VC firm has raised $13.9m for a $20m venture fund that will target IT University of Pennsylvania-linked businesses.
US-based venture capital firm Red & Blue Ventures has secured $13.9m for a $20m fund aimed at IT-focused businesses from the University of Pennsylvania ecosystem, according to a regulatory filing yesterday.
Red & Blue is independently owned but will mainly back IT businesses in greater Philadelphia, New York City and Washington DC with a connection to University of Pennsylvania.
The vehicle will make seed and early stage investments, concentrating on startups in areas such as hardware, software and e-commerce. Seed investments could reach as much as $250,000 with a greater ticket size for later investments.
Red & Blue was co-founded in 2016 by Brett Topche and Michael Aronson, both graduates from the Wharton School, University of Pennsylvania’s business campus. The firm operates from the university’s Pennovation Center entrepreneurial suite.
Topche reportedly regards Red & Blue as an IT-orientated refresh of Mentortech Ventures, a VC firm focused on the Pennsylvania ecosystem, where he and Aronson remain managing directors.
Red & Blue takes an active role in its portfolio investments. It has already backed AptDeco, the operator of a second-hand furniture e-commerce platform, as well as paediatric care platform Leo Health and modular sofa designer Burrow, according to Technical.ly.
Although Red& Blue has not revealed their identity, the fund has attracted investment by 42 limited partners, according to the filing.
