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The
Mid-Atlantic Angel Group (MAG) has moved into Ben Franklin
Technology Partners’ newly refurbished Building 100
Innovation Center offices at the Philadelphia Navy Yard.
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," says RoseAnn B. Rosenthal,
president and CEO of BFTP/SEP. "Our relationship with
the region's angel investors is valued and important, and this
partnership will strengthen that collaboration."
MAG was created to bridge the gap between
angel funding and institutional venture capital funding serving
the Greater Philadelphia Region. "Ben Franklin Technology
Partners is well known in this region for its support both
of entrepreneurs and regional efforts that help entrepreneurs
grow. We are happy to partner with Ben Franklin," says
Peter Linder, chairman of MAG's executive committee.
The member-managed angel fund provides
investors with an opportunity for active involvement in diversified
venture capital investments throughout southeastern Pennsylvania,
central and southern New Jersey and Delaware. The fund leverages
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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