December 08, 2016
A trio of investment companies is looking to provide startup health companies in the Philadelphia area with funding up to $6 million to bolster the region's health care.
Ben Franklin Technology Partners of Southeastern Pennsylvania, Independence Health Group and Safeguard Scientifics announced Thursday they intend to pledge $2 million each over a four-year span to launch the initiative. IHG is the parent company of Independence Blue Cross. The announcement was made at the Founder Factory conference hosted by Philly Startup Leaders in Center City.
Funds will be geared toward health care companies that are in their early stages and technologically focused.
Each company will award capital based on the startup's business model, the management team's vision and the viability of the technology. The partners will provide sourcing opportunities, guidance and support to help grow the startup companies. However, Ben Franklin will lead the process and manage the fund.
The initiative is designed to supplement the region's growth and development in digital health.
Ben Franklin, IHG and Safeguard are involved in Health Care Innovation Collaborative, which was launched in 2015 by the Greater Philadelphia Chamber of Commerce's CEO Council for Growth.