The Chester County Retirement Board and Ben Franklin Technology Partners of Southeastern Pennsylvania (Ben Franklin) launched Venture Chesco, an initiative investing up to $4 million in emerging and growing companies located in the county that borders Delaware.
The partnership includes $2 million in County funds matched by $2 million in Ben Franklin funds that will be used to invest in new technology companies and existing companies looking to apply new technologies to their business operations.
Chester County Commissioners’ Chair Michelle Kichline, one of the five members of the Chester County Retirement Board stated: “Chester County has a long history of growing strong technology companies. From QVC to Shared Medical Systems, and from Centocor to Vanguard and Evolve IP, we have seen small start-ups apply innovation and new technologies and grow to employ thousands of county residents.
“We are pleased to be able to join with Ben Franklin to bring even more of their knowledge, experience and resources to bear on growing young technology companies here in the county.”
The board’s commitment to this partnership with Ben Franklin is a direct result of the goals set for the County’s 10-year economic development strategy.
Under the terms of the partnership agreement, Ben Franklin will use its long-term experience to help identify companies and technologies suitable and appropriate for funding, and will manage the process of assessing the companies and the technologies for possible investment from the Venture Chesco fund.
“This partnership will bring more support and critical investment capital to innovative technology enterprises in Chester County,” said RoseAnn B. Rosenthal, CEO of Ben Franklin. “It builds on consistent, dedicated efforts in support of smart growth strategies by many of Chester County’s leaders over the years. In bringing capital, counsel and connections to its growing enterprises, we’re proud to invest in the county’s innovation and entrepreneurial ecosystem.”
The lack of venture capital programs has long been cited as a negative in efforts by Delaware to grow technology companies.
