A Bethlehem-based company is one of two Pennsylvania venture capital firms that will make investments in early-stage technology companies, with help from $2.5 million from the Ben Franklin Technology Development Authority via the state Department of Community and Economic Development.
Activate Ventures III LP is a fund that will target investments of $1 million to $5 million in approximately 30 early-stage technology companies, with an emphasis on health care-related software businesses led by tenured entrepreneurs.
The group of investors leading Activate will include Managing Partners Glenn Bressner and Todd Pietri, formerly of Milestone Venture Partners. Joining them will be Pietri’s former Milestone Partner, Edwin A. Goodman, and fellow Bethlehem venture capitalist Jeff Davidson.
The mission of the Ben Franklin Technology Development Authority is to encourage and coordinate programs and investments, which advance the competitiveness of Pennsylvania’s companies and universities in the world economy. It is one of the oldest and most emulated state technology development programs in the nation, a release said.
Rick Siger, acting secretary of the Department of Community and Economic Development, added: “This funding will create opportunities for early-stage technology companies to grow right here in Pennsylvania, and ensure the commonwealth remains an economic leader driving innovation on a global scale. DCED is proud to work with the BFTDA to provide funding to companies at the cutting edge of industries that drive our economy forward. Investments like these are key to the future of Pennsylvania.”