First Niagara Bank and Ben Franklin Technology Partners have partnered to invest in early-stage technology companies in the Philadelphia region.
Through the partnership, First Niagara will provide $1 million to invest in companies focusing on the life sciences, information technology and physical sciences sectors. The funding will be combined with Ben Franklin’s current funding pool.
“It took great creativity and collaboration to bring this partnership to fruition and we are thrilled to work with Ben Franklin as an expansion of our commitment to the Greater Philadelphia community,” said Robert Kane, Eastern Pennsylvania regional president for First Niagara.
“Thriving communities sustain everything that matters to us at First Niagara and we believe that together with Ben Franklin, we will be able to foster significant economic growth by supporting emerging startups in the region.”
Ben Franklin Technology Partners is an investment leader for early-stage ventures that provides capital, counsel and connections that empower innovators to accelerate their ideas and investors to expand their impact. Ben Franklin invests and connects growing technology firms with the resources and networks needed to help them grow and prosper.
First Niagara is the first bank to form a unique funding relationship with Ben Franklin to help further regional economic growth.
“The availability of capital to fuel the growth of emerging, advanced technology enterprises that create well-paid, sustainable employment is necessary for the growth of our region,” said RoseAnn B. Rosenthal, president and CEO of Ben Franklin.
“With this commitment, First Niagara demonstrates their commitment to community through their understanding of the need to grow the industries of tomorrow today.”
Ben Franklin’s mission is to boost the economy of the region through the development, commercialization and adoption of advanced technologies which create jobs and renewed competition. Throughout its 30 years, Ben Franklin has invested more than $170 million in more than 1,750 regional tech companies.
Ben Franklin is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.