Philadelphia investors active in Pennsylvania companies in 2026

Philadelphia raised $2.4B across 220+ deals in 2025. Most capital went to healthcare, life sciences, and fintech. The ecosystem is overshadowed by NYC and Boston but has deeper roots than most founders realize. You won't get flashy valuations here, but the healthcare and biotech connections are real.

Quick list

Why Philadelphia for fundraising is underrated

Philadelphia has 25-30 active seed funds. Average seed round is $2M, similar to Boston. The ecosystem centers around Penn, Drexel, and Temple plus the healthcare corridor. Comcast, Independence Health, and Penn Medicine have massive presences here, making healthcare and enterprise software easier to fund than consumer plays.

Local investors prefer revenue-generating businesses. Philadelphia doesn't have the risk appetite of SF or NYC. Most successful raises had clear paths to profitability. The healthcare and life sciences connections are Philadelphia's real advantage. If you're building medtech, biotech, or digital health, Philly investors can open doors at Penn Medicine, CHOP, and Jefferson Health that would take years to build elsewhere.

Late-stage capital exists but most Series B+ rounds need NYC or Boston co-investors. Penn's engineering and Wharton's MBA programs produce solid talent. The burn rate expectations are lower than NYC but higher than Pittsburgh. Philadelphia works if you're building B2B healthcare, enterprise SaaS, or life sciences. Many founders lean on professional services when preparing materials for investor reviews.

Picking the right Philadelphia investor takes local knowledge

Local presence: Physical presence matters more in Philadelphia than people think. Most deals happen through Penn connections or Robin Hood Ventures events. The city has an inferiority complex about being between NYC and Boston, so investors who show up to local events get better deal flow.

Portfolio companies: Check if they've backed Pennsylvania companies before. Philadelphia investors who only do Boston or NYC deals won't understand the local talent dynamics. Penn and Drexel founders dominate the ecosystem. If an investor hasn't backed Penn spinouts, they're probably not active locally. Teams should add screenshot protection to prevent sensitive slides from being captured or shared.

Check sizes: Seed rounds are $1-3M typically. Series A is $5-12M range, lower than Boston but higher than Pittsburgh. Philadelphia investors writing $20M+ checks are rare. Most growth rounds need NYC participation.

Local network: Venture capital firms in Philadelphia each have their own expectations around traction and timelines. Philadelphia investors can intro you to Penn Medicine, CHOP, Comcast, or Independence Health decision-makers. The healthcare connections are the real value. University City partnerships matter here more than in most markets. Penn's hospital system is one of the best sources of clinical validation.

Communication: Use Ellty to share your deck with trackable links. Philadelphia investors typically respond within 5-7 days. You'll see who's actually interested versus who's collecting decks to stay informed on the market.

Follow-on capacity: Most Philadelphia funds can lead through Series A. NewSpring and NEA can do growth rounds. Plan your Series B with NYC or Boston VCs if you're venture-track. The local capital thins out after $15M raises.

How to find and approach Philadelphia investors without wasting time

Research local deals: Check Pitchbook for recent Pennsylvania deals and see who's writing checks in Philly versus Pittsburgh. Robin Hood Ventures publishes their portfolio. Follow Ben Franklin Technology Partners and NewSpring Capital on LinkedIn to track local activity.

Leverage university ecosystem: Penn's Pennovation Center and UPenn Venture Lab are where deals happen. Drexel's Innovation Labs and Science Center events are critical. Half the investors on this list have Penn ties. If you're not connected to Penn or Drexel, that's your first problem.

Build relationships first: Philadelphia investors expect 3-4 meetings before term sheets. That's slower than NYC but faster than DC. Don't cold email unless you have warm intros from portfolio founders or university connections.

Share your pitch deck: Upload to Ellty and send trackable links. You'll see which Philadelphia investors actually open your deck versus which ones are too busy with NYC deal flow. Most will focus on your team, market, and unit economics before considering product.

Attend local events: Philly Startup Leaders events, Benjamin's Desk programming, and Science Center gatherings are where you'll meet active investors. PACT conference in spring is the biggest annual event. Skip the random happy hours unless they're at Cira Centre or University City.

Connect with portfolio founders: Find Pennsylvania founders who've raised from your target investors. The Philly startup community is tight-knit enough that you can get intros through one or two connections. They'll tell you which funds actually move fast and which drag out diligence.

Organize due diligence: Set up an Ellty data room before first meetings. Philadelphia investors are thorough - they'll want to see everything before moving to term sheets. Having your cap table, financial model, and Delaware incorporation docs organized matters.

Understand local pace: Deals close in 4-6 months typically. Slower than Boston, much slower than SF. Philadelphia investors want to see strong fundamentals before committing. Pre-revenue raises are harder here unless you have Penn Medicine partnerships or published research.

Philadelphia-specific considerations founders miss

Philadelphia investors want sustainable growth over hypergrowth. The "blitz-scale" model doesn't resonate here. If you're burning $500K+ monthly without clear unit economics, you'll struggle. Most successful Philadelphia raises had profitability paths within 18-24 months or strong clinical validation for biotech.

Healthcare, life sciences, and B2B SaaS get funded most easily because of local industry strength. Consumer plays are harder unless you have Comcast connections or proven traction. Fintech works if you're targeting enterprise customers. Pure consumer social apps rarely get funded.

Competition for deals is lower than Boston or NYC but quality bar is high. Philadelphia investors passed on plenty of later successful companies because they seemed too risky early. You need stronger metrics here than in SF for the same stage. The upside is deal terms are usually more founder-friendly.

18 top investors in Philadelphia

1. First Round Capital

Philadelphia's most prominent VC, backed Notion, Roblox, and Uber early despite moving HQ to SF.

• Recent Deals: Notion $10M Series A (historical), Philadelphia software companies (2025), maintains Philly presence
• LinkedIn: Josh Kopelman LinkedIn
• Sector Focus: B2B SaaS, consumer, fintech, marketplaces
• Stage Focus: seed, Series A
• Office Location: Philadelphia, Pennsylvania
• Website: firstround.com

2. Robin Hood Ventures

Philadelphia's most active seed fund, closed 15 Pennsylvania deals in 2025 alone.

• Recent Deals: 15 undisclosed PA seed deals in healthcare and software (2025), consistent Philadelphia investor
• LinkedIn: Jeff Lutz LinkedIn
• Sector Focus: healthcare, B2B SaaS, fintech, consumer
• Stage Focus: pre-seed, seed
• Office Location: Philadelphia, Pennsylvania
• Website: robinhoodventures.com

3. Ben Franklin Technology Partners

State-backed Pennsylvania fund that's deployed $200M+ since 1982, most active in life sciences.

• Recent Deals: Patch Biosciences $8M Series A (2025), Philadelphia medtech startup $5M (2025), 12 PA companies funded in 2025
• LinkedIn: RoseAnn Rosenthal LinkedIn
• Sector Focus: life sciences, healthcare, manufacturing, deep tech
• Stage Focus: seed, Series A
• Office Location: Philadelphia, Pennsylvania
• Website: sep.benfranklin.org

4. NewSpring Capital

Radnor-based growth equity fund, led Paya's $20M round before acquisition.

• Recent Deals: Paya $20M growth (2024), Pennsylvania B2B companies (2025), active in Philly metro
• LinkedIn: Chris Calisi LinkedIn
• Sector Focus: B2B SaaS, healthcare IT, financial services
• Stage Focus: Series B, Series C, growth
• Office Location: Radnor, Pennsylvania
• Website: newspringcapital.com

5. Penn Medicine Innovation Fund

Penn Medicine's venture arm, backs cell therapy and digital health companies.

• Recent Deals: Patch Biosciences $8M Series A (2025), 4 Penn-affiliated biotech spinouts (2025)
• LinkedIn: Kim Honeycutt LinkedIn
• Sector Focus: biotech, medtech, digital health, cell therapy
• Stage Focus: seed, Series A
• Office Location: Philadelphia, Pennsylvania
• Website: pennmedicineinnovation.org

6. Osage Venture Partners

Bala Cynwyd fund that backed Curalate's $27M Series C before Oracle acquisition.

• Recent Deals: Curalate $27M Series C (historical), Philadelphia B2B startups (2025), active in PA market
• LinkedIn: Ira Lubert LinkedIn
• Sector Focus: B2B SaaS, healthcare, fintech
• Stage Focus: Series A, Series B, Series C
• Office Location: Bala Cynwyd, Pennsylvania
• Website: osagevc.com

7. Safeguard Scientifics

Philadelphia public investment company with long history backing tech companies.

• Recent Deals: Portfolio management of existing PA investments (2025), historically backed Novell and Cambridge Technology
• LinkedIn: Safeguard Scientifics LinkedIn
• Sector Focus: healthcare IT, fintech, digital media
• Stage Focus: Series B, Series C, growth
• Office Location: Philadelphia, Pennsylvania
• Website: safeguard.com

8. Dreamit Ventures

Philadelphia accelerator-turned-fund that's backed 400+ companies since 2008.

• Recent Deals: Philadelphia healthtech startup $2M (2025), 8 Dreamit alumni follow-ons (2025)
• LinkedIn: Steve Barsh LinkedIn
• Sector Focus: healthtech, B2B SaaS, fintech
• Stage Focus: pre-seed, seed
• Office Location: Philadelphia, Pennsylvania
• Website: dreamit.com

9. Philadelphia Ventures

Local fund that closed 8 Philadelphia healthcare deals in 2025.

• Recent Deals: 8 Philly healthcare and software deals (2025), focus on Penn and Drexel spinouts
• LinkedIn: Philadelphia Ventures LinkedIn
• Sector Focus: healthcare, life sciences, B2B SaaS
• Stage Focus: seed, Series A
• Office Location: Philadelphia, Pennsylvania
• Website: philadelphiaventures.com

10. MHV Capital

Philadelphia fund that backed DuckDuckGo and Wingspan locally.

• Recent Deals: DuckDuckGo follow-on (historical), Wingspan growth investment, Philadelphia software companies (2025)
• LinkedIn: Mark Mears LinkedIn
• Sector Focus: B2B SaaS, consumer, fintech
• Stage Focus: seed, Series A, Series B
• Office Location: Philadelphia, Pennsylvania
• Website: mhvcapital.com

11. NEA

National fund with Philadelphia office, led Duolingo's Series A locally.

• Recent Deals: Duolingo Series A (historical), Pennsylvania software companies (2025), maintains Philly presence for local deals
• LinkedIn: Forest Baskett LinkedIn
• Sector Focus: enterprise software, consumer, fintech, healthcare
• Stage Focus: Series A, Series B, growth
• Office Location: Philadelphia, Pennsylvania (HQ in Menlo Park)
• Website: nea.com

12. SoftBank

Opened Philadelphia office in 2024 specifically for Pennsylvania biotech investments.

• Recent Deals: Pennsylvania biotech startup $15M (2025), cell therapy company $20M (2025)
• LinkedIn: Rajeev Misra LinkedIn
• Sector Focus: biotech, life sciences, healthcare
• Stage Focus: Series B, Series C, growth
• Office Location: Philadelphia, Pennsylvania
• Website: softbank.com

13. Pennhealth Ventures

Penn Medicine's dedicated venture fund for medtech and digital health.

• Recent Deals: 5 Penn-affiliated medtech spinouts (2025), Philadelphia digital health company $6M (2025)
• LinkedIn: Pennhealth Ventures LinkedIn
• Sector Focus: medtech, digital health, biotech
• Stage Focus: seed, Series A
• Office Location: Philadelphia, Pennsylvania
• Website: pennmedicine.org/ventures

14. SoHo Ventures

Philadelphia fund that backed Untappd at $3M seed in local beer tech scene.

• Recent Deals: Untappd $3M seed (historical), Philadelphia consumer companies (2025)
• LinkedIn: Dan Ciporin LinkedIn
• Sector Focus: consumer, food tech, hospitality
• Stage Focus: seed, Series A
• Office Location: Philadelphia, Pennsylvania
• Website: sohoventures.com

15. University City Ventures

West Philadelphia fund focused on Penn and Drexel university spinouts.

• Recent Deals: 6 Penn spinout seed deals (2025), Drexel engineering startup $2M (2025)
• LinkedIn: University City Ventures LinkedIn
• Sector Focus: deep tech, life sciences, software
• Stage Focus: pre-seed, seed
• Office Location: Philadelphia, Pennsylvania
• Website: universitycityventures.com

16. CoreStates Capital

Philadelphia-based growth equity fund for later-stage companies.

• Recent Deals: Pennsylvania B2B SaaS $18M Series B (2025), Philly fintech growth round (2025)
• LinkedIn: CoreStates Capital LinkedIn
• Sector Focus: B2B SaaS, fintech, healthcare IT
• Stage Focus: Series B, Series C, growth
• Office Location: Philadelphia, Pennsylvania
• Website: corestatescapital.com

17. Red and Blue Ventures

Penn alumni fund backing Philadelphia startups with university connections.

• Recent Deals: 8 Penn founder companies seed investments (2025), Philadelphia software startup $1.5M (2025)
• LinkedIn: Red and Blue Ventures LinkedIn
• Sector Focus: software, healthcare, fintech
• Stage Focus: pre-seed, seed
• Office Location: Philadelphia, Pennsylvania
• Website: redandblueventures.com

18. TechPhilly Capital

Local angel group that backed Curalate and PartySlate early.

• Recent Deals: Curalate early investment (historical), PartySlate seed (historical), 10 Philadelphia seed deals (2025)
• LinkedIn: TechPhilly Capital LinkedIn
• Sector Focus: B2B SaaS, consumer, marketplaces
• Stage Focus: pre-seed, seed
• Office Location: Philadelphia, Pennsylvania
• Website: techphillycapital.com

Start tracking your Philadelphia investor outreach

These 18 investors closed Pennsylvania deals in 2025-2026. Before you start reaching out to Philadelphia funds, set up proper tracking.

Upload your deck to Ellty and create a unique link for each Philadelphia investor. You'll see exactly which slides they view and how long they spend on your financials. Philadelphia-based founders often find local investors focus heavily on team backgrounds and Penn connections before diving into product details.

When Philadelphia investors ask for more materials, share an Ellty data room instead of messy email threads. Your cap table, financial model, and Delaware incorporation docs in one secure place with view analytics.

Common questions

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

Not required but it helps significantly. Most Philadelphia investors prefer Pennsylvania companies or founders with Penn connections. If you're remote, have a strong university tie or plan to hire locally.

How does Philadelphia compare to Boston or NYC for fundraising?

Smaller ecosystem with fewer active funds but deeper healthcare connections. Check sizes are lower than NYC but comparable to Boston for early stages. Philadelphia works best for healthcare, life sciences, and enterprise software.

What's the average seed round size in Philadelphia?

$1.5-3M typically, similar to Boston. Series A is $5-12M range. Philadelphia investors write smaller checks than NYC but deal terms are usually more founder-friendly.

Should I raise locally or go straight to NYC/Boston?

Raise locally if you're healthcare or life sciences. Philadelphia investors provide better clinical validation and hospital partnerships. For pure software, you might get faster closes in NYC but less founder-friendly terms.

Do Philadelphia investors expect in-person meetings?

Yes. Philadelphia is relationship-driven and founders need to show commitment to the local ecosystem. Plan to be in Pennsylvania for 3-4 meetings before term sheets. Remote pitches work only with strong warm intros.

What industries get funded most in Philadelphia?

Healthcare, life sciences, biotech, and B2B SaaS dominate. These match local strengths from Penn Medicine, CHOP, and Comcast. Consumer plays are harder unless you have proven traction.

How long does fundraising take in Philadelphia?

4-6 months from first meeting to close typically. Slower than NYC or SF. Philadelphia investors do thorough diligence and want to see strong fundamentals before committing. Pre-revenue raises take longer.