Active Pennsylvania venture capital firms funding local companies

Pennsylvania raised $3.7B across 280+ deals in 2025. Philadelphia grabbed $2.1B, mostly healthcare and life sciences. Pittsburgh took $1.3B in robotics and AI. The rest went to State College, Bethlehem, and Harrisburg. The ecosystem is practical and risk-averse. You won't get funded here without deep domain expertise and clear customer validation.

Quick list

Why Pennsylvania splits into two distinct markets

Pennsylvania closed 280+ deals in 2025 worth $3.7B. Philadelphia leads with $2.1B focused on healthcare, life sciences, and B2B SaaS. Pittsburgh grabbed $1.3B in robotics, AI, and manufacturing tech. The rest scattered across State College, Lehigh Valley, and Harrisburg.

Philadelphia investors want proven teams with healthcare or enterprise experience. Average seed is $1.5M, Series A is $6M. Pittsburgh focuses on technical founders coming from CMU or spinning out of robotics labs. Their seed rounds are $1.2M, Series A is $5M.

Pennsylvania offers 40-50% lower burn rates than coastal hubs. Your capital lasts longer here. But you're raising in two separate ecosystems. Philly funds don't understand Pittsburgh robotics. Pittsburgh VCs don't have Philly's healthcare networks. Pick your city based on your sector.

Picking the right Pennsylvania investor for your company

Geographic alignment: Philadelphia and Pittsburgh are 5 hours apart and might as well be different states for fundraising. Philly funds focus on healthcare and fintech. Pittsburgh invests in robotics and AI. Don't pitch a healthcare company to Pittsburgh investors or robotics to Philly funds. A clear workflow for GDPR-aligned document sharing helps avoid compliance issues when investors request sensitive files.

University connections: Penn, Drexel, and Temple connections matter in Philadelphia. CMU and Pitt relationships are essential in Pittsburgh. Most Pennsylvania investors favor founders with ties to local universities. They trust the local academic networks. Founders should also know the basics of protecting their pitch deck before circulating it widely.

Check sizes: Pennsylvania seed rounds are $800K-$2M. Series A is $4-8M. Both cities run 40% smaller than coastal rounds. Plan accordingly. Some funds are state-backed and move slower but offer grants plus equity.

Domain expertise: Pennsylvania investors expect deep expertise. Healthcare investors want clinical experience. Robotics funds want technical PhDs. You won't raise here as a first-time founder without domain credibility or strong co-founders.

Track record focus: Use Ellty with trackable links when sharing your deck with Pennsylvania investors. They spend more time on team backgrounds and customer validation than market size. You'll see them reviewing your customer case studies and advisor sections repeatedly.

Follow-on capacity: Most Pennsylvania funds can't lead Series B. Plan to raise later rounds in NYC or Boston. Ask about their co-investor relationships with coastal funds early. You'll need those intros. Some teams compare different DocSend-style tools to share and track investor materials without extra cost.

How to find and approach Pennsylvania investors effectively

Research by city first: Don't treat Pennsylvania as one market. Filter Crunchbase for Philadelphia-based companies separately from Pittsburgh deals. The investors backing each city rarely overlap.

Leverage university ecosystems: Philadelphia has Penn's Venture Lab and USciences accelerator. Pittsburgh has CMU's Project Olympus and AlphaLab. Both cities require university connections. Cold emails fail here.

Build regional relationships: Philadelphia has Philly Startup Leaders and DreamIt events. Pittsburgh has Pittsburgh Venture Capital Association meetups and Innovation Works programming. Attend where investors actually show up, not random networking events.

Share decks with context: Upload to Ellty and send unique links to each Pennsylvania investor. Philly healthcare investors focus on clinical validation and regulatory pathways. Pittsburgh robotics investors drill into technical architecture and manufacturing scalability.

Attend city-specific events: Philly Startup Weekend and PACT's annual conference for Philadelphia. Pittsburgh Venture Summit and Thrival Innovation Festival for Pittsburgh. These aren't optional if you're raising in Pennsylvania.

Connect with local portfolio founders: Message founders at Ben Franklin or Innovation Works portfolio companies. They know which funds respond and which partners actually help. This intel is critical in relationship-driven Pennsylvania markets. You can even collect viewer emails automatically to see who’s actually engaging with your materials.

Prepare detailed diligence materials: Set up an Ellty data room before meetings. Pennsylvania investors want detailed financial models, customer contracts, and technical documentation immediately. They move deliberately, not fast. Our platform offers simple pricing tiers, so founders can pick what fits their stage without overthinking.

Understand Pennsylvania's timeline: Expect 10-16 weeks from first meeting to close. That's slower than most markets. Pennsylvania investors are risk-averse and thorough. Pushing for speed backfires. Plan your runway accordingly.

Pennsylvania-specific considerations for founders

Pennsylvania investors strongly favor B2B over consumer. They want revenue before investing. Pre-revenue consumer companies struggle here unless you're a repeat founder. Healthcare needs clinical validation. Robotics needs working prototypes.

Ben Franklin Technology Partners offers matching grants plus equity investments. The application process takes 3-4 months but the capital is patient. Most successful Pennsylvania raises include Ben Franklin money.

State tax credits exist for angel investors through programs like OPIC and VIPA. This affects term sheet negotiations. Some investors structure deals to maximize state credits, which can work in your favor.

Philadelphia founders benefit from proximity to NYC and Boston. You can raise in Pennsylvania but tap coastal networks easily. Pittsburgh is more isolated. Plan for more Pittsburgh-only rounds before going national.

16 top investors in Pennsylvania

1. First Round Capital

Philadelphia-based seed fund that's gone national but still backs Philly companies regularly.

• Recent Deals: Ramp ($115M Series C, 2024), Square (IPO 2015), Notion ($275M Series C, 2024), Looker (acquired by Google $2.6B)
• LinkedIn: Josh Kopelman
• Sector Focus: B2B SaaS, fintech, developer tools, marketplaces
• Stage Focus: seed, Series A
• Office Location: 3401 Market St, Philadelphia, PA 19104
• Website: firstround.com

2. Osage Venture Partners

Philadelphia B2B SaaS fund that's been backing local enterprise companies for 20+ years.

• Recent Deals: Curalate (acquired by Bazaarvoice), Campus Special ($12M Series A, 2024), Chariot (acquired by Ford), Relay Network ($13M Series B)
• LinkedIn: Peter Kight
• Sector Focus: B2B SaaS, enterprise software, fintech, marketplaces
• Stage Focus: seed, Series A, Series B
• Office Location: 1650 Arch St, Philadelphia, PA 19103
• Website: osagevc.com

3. Innovation Works

Pittsburgh's most active early-stage investor with deep CMU and Pitt connections.

• Recent Deals: Duolingo (IPO 2021 at $6.5B), Abridge ($150M Series C, 2024), Gecko Robotics ($73M Series B, 2024), Aurora Innovation (SPAC $13B)
• LinkedIn: Rich Lunak
• Sector Focus: robotics, AI, healthcare IT, manufacturing tech
• Stage Focus: pre-seed, seed, Series A
• Office Location: 2000 Technology Dr, Pittsburgh, PA 15219
• Website: innovationworks.org

4. Birchmere Ventures

Pittsburgh seed fund that backs technical founders before anyone else notices them.

• Recent Deals: Shoefitr (acquired by Amazon), RedOwl Analytics ($15M Series B), Identified Technologies ($12M Series A), Project44 ($420M Series E)
• LinkedIn: Jack Crawford
• Sector Focus: enterprise software, robotics, logistics, B2B SaaS
• Stage Focus: seed, Series A
• Office Location: 425 Sixth Ave, Pittsburgh, PA 15219
• Website: birchmerevc.com

5. LionBird

State College fund connected to Penn State that backs central Pennsylvania startups.

• Recent Deals: AccuWeather expansion ($100M growth), Truvian Sciences ($27M Series B, 2023), RoadBotics ($8M Series A, 2024)
• LinkedIn: Garrett Roof
• Sector Focus: B2B SaaS, agriculture tech, logistics, materials science
• Stage Focus: seed, Series A
• Office Location: 329 Innovation Blvd, State College, PA 16803
• Website: lionbird.vc

6. Ben Franklin Technology Partners

State-backed fund that's invested in 2,000+ Pennsylvania companies since 1982.

• Recent Deals: Aclipse ($8M Series A, 2024), Tozuda ($6M seed, 2025), RoadBotics ($8M Series A, 2024), Biomeme ($5M Series A, 2023)
• LinkedIn: RoseAnn Rosenthal
• Sector Focus: life sciences, manufacturing, IT, energy
• Stage Focus: seed, Series A (plus grants)
• Office Location: Multiple offices across Pennsylvania
• Website: benfranklin.org

7. Dreamit Ventures

Philadelphia accelerator turned venture fund with 400+ companies in portfolio.

• Recent Deals: Allergy Amulet ($13M Series A, 2024), Biomeme ($5M Series A, 2023), Sixers Innovation Lab deals, LifeLink ($8M Series A)
• LinkedIn: Steve Barsh
• Sector Focus: healthcare, B2B SaaS, security, edtech
• Stage Focus: pre-seed, seed
• Office Location: 1635 Market St, Philadelphia, PA 19103
• Website: dreamit.com

8. SeventySix Capital

Philadelphia sports tech specialist that's backed WHOOP and other athlete-focused companies.

• Recent Deals: WHOOP ($200M Series F, 2024), Team Whistle ($50M Series B, 2023), Just Women's Sports ($4M seed, 2023), Smartabase ($50M growth)
• LinkedIn: Wayne Kimmel
• Sector Focus: sports tech, health tech, media, B2B SaaS
• Stage Focus: seed, Series A, Series B
• Office Location: 1835 Market St, Philadelphia, PA 19103
• Website: seventysixcapital.com

9. Newlin Investment Company

Pittsburgh family office that writes Series A checks in profitable B2B companies.

• Recent Deals: Voci Technologies (acquired by Genesys), Shoefitr (acquired by Amazon), Identified Technologies ($12M Series A), Abridge ($150M Series C)
• LinkedIn: George Newlin
• Sector Focus: B2B SaaS, enterprise software, AI, robotics
• Stage Focus: Series A, Series B
• Office Location: 210 Sixth Ave, Pittsburgh, PA 15222
• Website: newlininvestment.com

10. University City Partners

Philadelphia real estate and innovation fund tied to University City district.

• Recent Deals: uCity Square developments, Spark Therapeutics ($30M Series A before acquisition), various UPenn spinouts
• LinkedIn: Matt Bergheiser
• Sector Focus: life sciences, real estate tech, healthcare, proptech
• Stage Focus: seed, Series A
• Office Location: 3675 Market St, Philadelphia, PA 19104
• Website: universitycity.org

11. Stage 2 Capital

Philadelphia later-stage fund focused on profitable Pennsylvania B2B companies.

• Recent Deals: Campus Special ($12M Series A, 2024), SalesLoft ($100M Series D), Pantheon ($100M Series E), ActiveCampaign ($240M Series C)
• LinkedIn: Dave Zilberman
• Sector Focus: B2B SaaS, marketing tech, sales tech, enterprise
• Stage Focus: Series B, Series C, growth
• Office Location: 1735 Market St, Philadelphia, PA 19103
• Website: stage2capital.com

12. RiverPark Ventures

Growth equity fund with strong Pennsylvania portfolio presence from NYC office.

• Recent Deals: 1Password ($620M Series C, 2024), SeatGeek ($238M Series E, 2024), Flywire ($270M IPO, 2021), Pennsylvania portfolio companies
• LinkedIn: Moritz Zimmermann
• Sector Focus: B2B SaaS, fintech, enterprise software, payments
• Stage Focus: Series B, Series C, growth equity
• Office Location: New York office covers Pennsylvania deals
• Website: riverparkvc.com

13. Rittenhouse Ventures

Philadelphia healthcare and life sciences specialist with hospital network connections.

• Recent Deals: Biomeme ($5M Series A, 2023), Spark Therapeutics (acquired $4.8B), Allergy Amulet ($13M Series A, 2024)
• LinkedIn: Peter Wirth
• Sector Focus: life sciences, healthcare IT, medical devices, biotech
• Stage Focus: seed, Series A, Series B
• Office Location: 1845 Walnut St, Philadelphia, PA 19103
• Website: rittenhousevc.com

14. Cross Creek Advisors

Radnor growth stage fund on Philadelphia's Main Line backing profitable companies.

• Recent Deals: Chariot (acquired by Ford), RedOwl Analytics ($15M Series B), Campus Special ($12M Series A, 2024)
• LinkedIn: Michael Brown
• Sector Focus: B2B SaaS, enterprise software, fintech, healthcare IT
• Stage Focus: Series A, Series B, growth
• Office Location: 555 E Lancaster Ave, Radnor, PA 19087
• Website: crosscreekadvisors.com

15. Idea Foundry

Philadelphia pre-seed and seed fund focused on first checks for local founders.

• Recent Deals: Biomeme ($5M Series A, 2023), Allergy Amulet ($13M Series A, 2024), various Philly seed deals
• LinkedIn: David Bookspan
• Sector Focus: B2B SaaS, healthcare, fintech, consumer
• Stage Focus: pre-seed, seed
• Office Location: 123 S Broad St, Philadelphia, PA 19109
• Website: ideafoundryvc.com

16. AlphaLab Gear

Pittsburgh hardware and robotics accelerator that invests in technical founders.

• Recent Deals: Gecko Robotics ($73M Series B, 2024), IAM Robotics ($20M Series A), Hebi Robotics ($10M Series A, 2023)
• LinkedIn: Ilana Diamond
• Sector Focus: robotics, hardware, IoT, manufacturing tech
• Stage Focus: pre-seed, seed
• Office Location: 4516 Henry St, Pittsburgh, PA 15213
• Website: alphalabgear.org

Start tracking your Pennsylvania investor outreach properly

These 16 investors closed 180+ Pennsylvania deals in 2025-2026. Before you email Philadelphia healthcare funds or pitch Pittsburgh robotics investors, set up tracking that actually works.

Upload your deck to Ellty and create a unique link for each Pennsylvania investor. You'll see exactly which slides matter to Philly B2B SaaS investors versus Pittsburgh technical VCs. Pennsylvania funds typically spend 10-15 minutes on initial deck reviews. They focus heavily on team credentials and customer validation.

When Pennsylvania investors ask for financial projections or customer references, share an Ellty data room instead of scattered email attachments. Your cap table, unit economics model, and customer contracts in one secure place. Pennsylvania investors are thorough. They'll review everything multiple times before deciding.

Common questions

Do I need to be based in Pennsylvania to raise from Pennsylvania investors?

It helps significantly. Philadelphia and Pittsburgh funds strongly prefer local founders or those willing to relocate. Ben Franklin requires Pennsylvania presence. Remote founders struggle here more than in other markets. Plan to spend time in your target city.

How does Pennsylvania compare to NYC or Boston for fundraising?

Pennsylvania rounds are 40-50% smaller. Seed is $1.5M versus $2.5M in Boston. But burn rates are lower and capital lasts longer. Pennsylvania focuses on domain expertise and customer validation over growth speed. You'll likely need coastal VCs for Series B.

What's the average seed round size in Pennsylvania?

$1.5M in Philadelphia, $1.2M in Pittsburgh. Pre-seed is $400K-$700K statewide. Series A averages $6M in Philly, $5M in Pittsburgh. These numbers are for 2025-2026 and growing slowly. Add 20-30% if you include Ben Franklin grants.

Should I raise in Philly or Pittsburgh?

Depends entirely on your sector. Healthcare, life sciences, fintech go to Philadelphia. Robotics, AI, manufacturing tech go to Pittsburgh. Don't try to raise healthcare in Pittsburgh or robotics in Philly. The investors won't understand your business.

Do Pennsylvania investors expect in-person meetings?

Yes. Plan for 4-6 in-person meetings before term sheets. Pennsylvania investors are relationship-driven and risk-averse. Video calls work for initial intros only. Budget travel time and costs if raising remotely.

What industries get funded most in Pennsylvania?

Philadelphia: healthcare, life sciences, B2B SaaS, fintech. Pittsburgh: robotics, AI, manufacturing tech, enterprise software. State College: agriculture tech, materials science. Consumer companies struggle statewide unless you're a repeat founder.

How long does it take to close a round in Pennsylvania?

12-16 weeks from first meeting to close. That's slower than most markets. Ben Franklin adds 8-12 weeks to the process but their capital is worth it. Pennsylvania investors move deliberately. Don't expect 4-6 week closes like SF or NYC.