Tag Archives: PIDC

Philadelphia Makes First Venture Capital Investment

The City of Philadelphia (through subsidiaries and the Philadelphia Industrial Development Corporation) has made its first equity investment in a company, reports the Philadelphia Inquirer.

The investment is for $200K in Real Food Works a firm that is a subscription food service that delivers healthy meals for people interested in dieting and eating healthy.  It seems to be kind of like a Netflix for healthy, real food.

The fund is called Startup PHL, and First Round Capital.  First Round is a venture capital firm that is managed by Josh Kopelman – a long time internet entrepreneur and investor – who manages investment decisions for Startup PHL.  This type of activity is great for cities and local businesses looking to grow.

I would love to see this type of investing backed by (or a small part of) city-based exchange traded-funds (as I have written about before).