Top Venture Capital Firms in Philadelphia: A Guide for Startup Founders
Philadelphia has rapidly grown into a thriving hub for startups, earning a spot among the world’s top 25 startup ecosystems in 2024.
Connecting with the right venture capital (VC) firms is crucial for founders seeking funding in Philadelphia. In the fourth quarter of 2024 alone, the region attracted $1 billion in VC investments, indicating a robust funding landscape.
In this article, we will highlight the top 10 VC firms actively investing in Philadelphia startups. Additionally, we will provide insights into the local fundraising landscape, highlight the city's appeal as a startup hub, share success stories, and discuss challenges and opportunities.
Philadelphia's vibrant startup ecosystem is supported by a diverse array of venture capital firms that provide essential funding and strategic guidance to emerging companies. Below is a curated list of the top 15 venture capital firms in Philadelphia, highlighting their investment focuses and notable portfolio companies.
Top 10 Philadelphia VCs Investing in Startups
Dreamit Ventures
- About: Dreamit is a venture fund and growth-focused accelerator for Urbantech, Securetech, and Healthtech startups
- Sweetspot check size: $ 1M
- Traction metrics requirements: Seek healthtech and securetech companies with early commercial traction and proven product market fit that are focused on scaling.
- Thesis: Dreamit Ventures is a fund and growth program focused on startups with revenue or pilots that are ready to scale.
BioAdvance
- About: BioAdvance provides funding to startup life sciences companies in Southeastern Pennsylvania through its Greenhouse Fund. They invest in therapeutics, devices, diagnostics and platform technologies focused on human health. Since its first investments in 2003, BioAdvance has become one of the nation's leading investors providing pre-seed and seed-stage funding. To date they have committed $19.6 million to 29 seed-stage companies and 15 pre-seed investments.
Osage Venture Partners
- About: Osage Venture Partners is a venture capital fund specializing in early stage, B2B software companies on the East Coast.
MissionOG
- About: MissionOG partners with high-growth businesses that have proven models in segments where we have had success as operators and investors, including financial services and payments, data platforms, and software.
To help accelerate our partner companies, we invest financial capital and leverage a broad network of industry experts.
Headquartered in Philadelphia, MissionOG is led by a team that has effectively built and scaled companies through their various stages of growth to successful acquisitions. - Thesis: We partner with high-growth B2B companies that are driving the digitization of the economy. We are thematic investors in key market segments where we have deep operational knowledge, including fintech, data, and software. We seek to invest $5 million to $10 million with significant follow-on capital where necessary.
SeventySix Capital
- About: SeventySix Capital is at the epicenter of sports & tech, investing in smart and nice entrepreneurs who are building game changing startups.
- Sweetspot check size: $ 1M
- Thesis: Investing in and building the tech companies that are bringing streaming, augmented/virtual reality, NFTs, blockchain, Web 3.0 and the Metaverse to the sports industry
Robin Hood Ventures
- About: Robin Hood Ventures is a group of angel investors, focused on early-stage, high-growth companies in the Greater Philadelphia region. We help entrepreneurs build great companies, providing capital, mentoring, expertise and connections to help companies reach their potential. Robin Hood generally invests $250k to $1 million, and collaborates with angels, institutions and VCs in our network. We invest as a single entity in businesses we know and understand, in a way that gets deals done. Since 1999, we have invested in over 45 companies in industries including software, medical devices, biotech, internet and financial technology.
Rittenhouse Ventures
- About: Rittenhouse Ventures is an emerging growth venture fund focused on innovative software solutions that power enterprises in healthcare, life sciences, financial services, human resources, and general business services.
With a unique combination of right-sized investments, deep expertise, and a proven track record, we optimize capital and growth strategies for entrepreneurs.
Based in Philadelphia and investing across the Mid-Atlantic region, we build long-term partnerships with entrepreneurs, leveraging our extensive local network to our portfolio's advantage.
EnerTech Capital
- About: EnerTech Capital specializes in startups, early, mid, later, to expansion stage investments, and growth capital.
EnerTech Capital
- About: BioAdvance provides funding to startup life sciences companies in Southeastern Pennsylvania through its Greenhouse Fund. They invest in therapeutics, devices, diagnostics and platform technologies focused on human health. Since its first investments in 2003, BioAdvance has become one of the nation's leading investors providing pre-seed and seed-stage funding. To date they have committed $19.6 million to 29 seed-stage companies and 15 pre-seed investments.
BioAdvance
- About: BioAdvance provides funding to startup life sciences companies in Southeastern Pennsylvania through its Greenhouse Fund. They invest in therapeutics, devices, diagnostics and platform technologies focused on human health. Since its first investments in 2003, BioAdvance has become one of the nation's leading investors providing pre-seed and seed-stage funding. To date they have committed $19.6 million to 29 seed-stage companies and 15 pre-seed investments.
Fundraising in Philadelphia: Insights, Trends, and Tips
Philadelphia's startup ecosystem has demonstrated remarkable resilience and growth, solidifying its position as a burgeoning hub for innovation and entrepreneurship. In 2024, the city was ranked as the 25th global startup ecosystem, moving up two spots from the previous year.
Overview of the Local Funding Landscape
Philadelphia’s venture capital scene has been buzzing with activity, reflecting a maturing startup ecosystem that continues to attract significant investment.
In 2024 Philadelphia-based startups raised $3.29 billion across 440 deals, a notable increase from $2.42 billion across 500 deals in 2023. While the number of deals declined slightly, the overall investment amount grew—signaling a shift in investor strategy. Rather than spreading capital across many smaller bets, investors are prioritizing fewer high-potential companies with strong growth prospects. This trend aligns with broader market patterns, where VC firms are becoming more selective, focusing their resources on startups with proven traction, strong teams, and scalable business models.
Common Trends in Startup Funding
Several key trends have emerged in Philadelphia's startup funding scene:
- Life Sciences Lead the Way:
Philadelphia continues to be a powerhouse in life sciences, with biotech and pharmaceutical startups dominating the funding landscape. In 2023, six of the top ten venture deals in the city went to companies in these sectors, highlighting strong investor confidence in health innovation. Beyond life sciences, enterprise technology and B2C (business-to-consumer) startups have also gained traction, reflecting a well-balanced and diverse ecosystem.
- Early-Stage Funding Remains Strong
Despite economic fluctuations, early-stage funding in Philadelphia has held steady. In 2023, 151 early-stage deals were recorded—only a slight 3.2% dip from the previous year. This resilience at the seed and pre-seed levels shows that investors remain committed to backing emerging startups, ensuring a strong innovation pipeline in the city.
- Investors Prioritizing Quality Over Quantity
Philadelphia investors are becoming more selective, prioritizing high-growth startups with scalable business models over spreading capital across numerous small bets.Rather than spreading capital across numerous small bets, venture firms are now focusing on startups with high growth potential and clear scalability. This shift toward fewer, higher-value deals signals a maturing market where investors seek companies with strong teams, validated business models, and long-term sustainability.
Tips for Navigating the Fundraising Process in Philadelphia
For founders aiming to secure funding in Philadelphia, consider the following strategies:
- Leverage Local Resources: Engage with local incubators and accelerators, such as Ben Franklin Technology Partners and the University City Science Center, which offer funding, mentorship, and networking opportunities.
- Highlight Sector Strengths: If your startup operates within the life sciences, AI, big data, analytics, or advanced manufacturing sectors, emphasize how your venture aligns with Philadelphia's recognized industry strengths.
- Attend Local Startup and Investor Events: Establish connections with local investors and participate in community events to increase visibility and credibility within the ecosystem.
- Philly Tech Week – A week-long series of events, panels, and networking opportunities that attract investors and startup leaders from across the region.
- PACT Capital Conference – One of the largest venture capital conferences in the Mid-Atlantic, where startups can pitch to investors and connect with funding sources.
- Founder Factory by Philly Startup Leaders – An event for early-stage entrepreneurs looking to learn from seasoned founders and meet investors.
Success Stories from Philadelphia Startups: Notable Achievements and Milestones
Philadelphia's startup ecosystem has fostered numerous success stories, exemplifying the city's capacity to nurture and scale innovative ventures. Here are three notable startups that have achieved significant milestones:
1. GoPuff
- Overview: Founded in 2013 by Drexel University students Yakir Gola and Rafael Ilishayev, GoPuff began as an on-demand hookah delivery service and evolved into a digital delivery platform for convenience items.
- Funding Milestones:
- 2016: Raised $8.25 million in Series A funding.
- 2019: Secured $750 million from SoftBank, with an additional $250 million commitment.
- 2021: Achieved a valuation of $15 billion after a funding round.
2. Bazaarvoice
- Overview: Bazaarvoice was founded in 2012, they are a visual marketing platform that enables brands to leverage user-generated content across social media channels. Funding Milestones:
- 2013: Raised $3 million in Series A funding.
- 2014: Secured an additional $8.6 million in Series B funding.
3. NeuroFlow
- Overview: Founded in 2017 by Christopher Molaro and Adam Pardes, NeuroFlow is a digital health company focused on improving mental health care through data-driven solutions. The company’s platform helps healthcare providers integrate behavioral health into primary care, leveraging AI-powered analytics to support patient well-being.
- Funding Milestones:
- 2018: Raised $1.25 million in seed funding.
- 2020: Secured $7.5 million in Series A funding to expand its behavioral health integration platform.
- 2022: Closed a $25 million Series B round to enhance AI capabilities and scale partnerships with healthcare systems.
Challenges and Opportunities for Startups in Philadelphia
Philadelphia's startup ecosystem presents a unique blend of challenges and opportunities for entrepreneurs. Understanding these dynamics is crucial for navigating and thriving in this environment.
Challenges:
- Smaller Funding Ecosystem Compared to Major Hubs:
- Philadelphia’s venture capital scene is expanding, but it remains smaller than major hubs like New York or San Francisco. As a result, startups may need to look beyond the city for larger funding rounds.
- Limited Access to Certain Types of Investors:
- Startups, particularly those in later stages of development, may find it challenging to connect with investors specializing in large-scale funding rounds within the local market. This necessitates seeking investment opportunities beyond the regional boundaries.
Opportunities:
- Growing Interest from National Venture Capitalists:
- Philadelphia is increasingly catching the attention of national VC firms, drawn by its lower operating costs, strong talent pipeline, and emerging industries. The city's strategic location, coupled with a lower cost of living and operating expenses, makes it an appealing destination for investors looking to diversify their portfolios.
- Emerging Industries and Untapped Markets:
- Philadelphia is witnessing growth in sectors such as healthcare technology, biotechnology, and information technology. The presence of renowned research institutions and universities provides a fertile ground for innovation, offering startups the opportunity to pioneer solutions in these emerging fields.
Connect With Investors in Philadelphia Using Visible
At Visible, we often times compare a fundraise to a B2B sales and marketing funnel. At the top of your funnel, you are finding new investors. In the middle, you are nurturing and pitching potential investors. At the bottom of the funnel, you are working through diligence and ideally closing new investors.
With the introduction of data rooms, you can now manage every aspect of your fundraising funnel with Visible.
- Find investors at the top of your funnel with our free investor database, Visible Connect and find a filtered list of Philadelphia's investors here.
- Track your conversations and move them through your funnel with our Fundraising CRM
- Share your pitch deck and monthly updates with potential investors
- Organize and share your most vital fundraising documents with data rooms
Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.
