BEN FRANKLIN TECHNOLOGY PARTNERS OF SOUTHEASTERN PENNSYLVANIA IS NOW HOSTING MID-ATLANTIC ANGEL GROUP (MAG)
PHILADELPHIA, PA - February 4, 2008 - Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) and the Mid-Atlantic Angel Group (MAG) announced that they have entered into an agreement under which BFTP/SEP will house and provide investment and administrative support for the angel fund.
"We are pleased that MAG has selected our organization as its new home," said RoseAnn B. Rosenthal, President and CEO of BFTP/SEP. "Our relationship with the region's angel investors is valued and important; this partnership will strengthen that collaboration," said Rosenthal.
Peter Linder, Chair of MAG's Executive Committee, noted "Ben Franklin is known in this region for its support both of entrepreneurs and of regional efforts that help entrepreneurs grow. The limited partners of MAG are happy to partner with Ben Franklin."
The Mid-Atlantic Angel Group Fund I, LP (MAG) was created to bridge the gap between angel funding and institutional venture capital funding serving the Greater Philadelphia Region. This member-managed fund provides its investors with an opportunity for active involvement in diversified venture capital investments throughout Southeastern Pennsylvania, Central and Southern New Jersey, and Delaware. The fund seeks to leverage various public and private funding resources and networks by providing equity capital to seed and early-stage, technology-based, high-growth companies. Fund members include experienced entrepreneurs, high net worth individuals, institutions, and other accredited investors interested in realizing a high return on invested capital in Regional technology companies and being a key part of Regional growth. Modeled after the best practices of other successful angel funds operating around the country, MAG is the first formally structured angel capital venture fund in the Greater Philadelphia Region and seeks to intelligently leverage Regional and statewide funding and other public and private partnership opportunities. MAG was an initiative launched by Innovation Philadelphia; it most recently was located at the Science Center.
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About Ben Franklin Technology Partners of Southeastern Pennsylvania
For 25 years, Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has served as the region's catalyst for Stimulating Entrepreneurial Potential. Ben Franklin invests in innovative enterprises and creates commercialization pathways that generate wealth through science and technology. Part of a statewide network in Pennsylvania, BFTP/SEP provides entrepreneurs and established businesses with the Capital, Knowledge and Networks they need to compete in the global marketplace. BFTP/SEP has provided more than $130 million to grow more than 1,600 regional enterprises. BFTP/SEP is a founding partner of The Nanotechnology Institute™ (NTI) and the Mid-Atlantic Nanotechnology Alliance (MANA®), and is funded by Pennsylvania's Department of Community and Economic Development.
We are Uniquely Ben™
For additional information, please visit www.sep.benfranklin.org or www.magfund.com
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BFTP/SEP Contact:
Jaron J. Rhodes
Manager, Marketing and Communications
(215) 972-6700, ext. 3214
jaron@sep.benfranklin.org
MAG Contact:
Chris Starr, Executive Director
(215) 972-6700, ext. 3061
Info@magfund.com
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