New “Venture Chesco” Fund Announced
Great news for Chester County emerging tech companies!
The Chester County Retirement Board voted at this week’s Retirement Board Meeting to enter into a partnership with Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP), to invest $4 million in emerging and growing companies located in, or willing to locate to Chester County. The partnership, Venture Chesco, will see $2 million in County funds matched by $2 million in BFTP funds that will be used to invest in new technology companies and existing companies looking to apply new technologies to their business operations.
CCEDC and i2n are thrilled with the announcement of a new venture fund between the County of Chester and Ben Franklin Technology Partners. “Venture capital and angel funding have been the critical missing resources for the emerging tech companies in Chester County,” said Michael Grigalonis, COO from CCEDC. “Since 2007, more than 100 start-up companies have received support through our i2n-Ideas x Innovation Network, but we have not had sufficient capital from local sources to fuel their growth,” said Grigalonis. “This new fund will enhance the eco system of innovation and entrepreneur resources available to our startup companies and strengthens our ability and commitment to help Chester County grow companies, create jobs and ignite innovation!”
Click here to read the County’s announcement.