Mid-Atlantic Angel Group: Taking Up Residence in BFTP’s New Navy Yard Offices
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.
Leveraging Funding Resources
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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