CoTweet heading to Bay Area after $1.1 million round, rumors of Twitter “acquisition target”

After announcing $1.1 million in venture capital investments, once Central Pennsylvania-based CoTweet is moving to San Francisco, according to the Wall Street Journal.

The company, which develops a web-based application for Twitter that allows businesses to assign multiple team members to control commercial accounts, received funding from West Conshohocken-based First Round Capital and a handful of other non-Philly firms. [Full Disclosure: Technically Philly uses CoTweet for forward-dated Twitter posts]

According to two job openings recently added to the company’s internal job board, the company is headed for the SoMa neighborhood of downtown San Francisco, an area well-known for its roots in the dot com boom.

CoTweet executives are in the process of packing their bags, according to several messages posted to Twitter from company co-founders.

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Friday Tech Links: Philly handling recession, First Round Capital frequents New York and more

First Round Capital's Josh Kopelman is interviewed by Sammantha Ettus and Gary Vaynerchuk of ObsessedTV

In which we link out to the tech news from Philly and elsewhere (when it matters) that slips through the cracks and make it way fun. See others here. When it comes to ultimate economy metaphors, it’s time for car talk. Philadelphia is only experiencing a tank of bad gasoline, not a shot transmission, Inquirer Business Reporter Mike Armstrong said Wednesday. Of course, we only kid. It’s good news for Philly, which ranked 37th strongest of 100 major U.S. metros in a quarterly economic health report issued by the Brookings Institution. Hell, times ain’t rough for Delaware-based online advertiser eZanga. Fortune Magazine ranked it as one of the 15 fastest-growing marketing and advertising companies in the U.S., despite Internet advertising taking its first downturn since 2002 in the first quarter, reports Delaware Online. But do you know the problem with too much good news? Not enough drama. After the jump, how First Round Capital is ditching Philly for our lesser-neighbor up North, why social networking and work don’t mix, and gosh darnit, more proof that no one can fix that Philly budget deficit. Plus more goodies.
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Friday Tech Links: Archer Group is tracking eyes, the city’s radio system upgrade and More

In which we link out to the tech news from Philly and elsewhere (when it matters) that slips through the cracks and make it way fun. See others here.

Wilmington, Del.-based Web marketing and design firm the Archer Group is using new-age computer-user tracking systems to see what you’re looking at. That’s the same Delaware company that recently helped Wawa brand its products on Facebook.

As the Web has matured and its users have too, the group’s “Eye-tracking Usability Lab” is meant to give its designers insight into how computer users, with years of Internet-browsing behind them, are digesting the Web today, as Delaware Online reported. [Full Disclosure: Sean Blanda loves Delaware].

It’s what you’ve heard before: freaky pinpoint infrared sensors that follow eye movements as they bounce from whatever the tester spots. Get the deets and what Archer is doing with the work at the full story.

After the jump, Bussiness Week reports that one of one of our own seed-stage investment firms is saving venture capital, the city’s emergency radio system with Motorola isn’t “reliable” and seven other tech stories you need to read — including our best read story of the week.

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Business Week profiles First Round Capital

Remember that time we assessed Philadelphia’s venture capital market and told you local early stage investors were doing well?

Well, BusinessWeek magazine surmised just as much in a well-produced profile of local venture capital firm First Round Capitol. According the the profile, First Round, located in San Francisco and West Conshohocken, has continued to invest in startups as other VC firms lay low in this recession. Because of the general pullback in investing, First Round has found itself the most active seed-stage investor. The firm has even received investments from the endowments of Yale and Princeton.

The profile details the new math behind venture capital, which is shifting from IPO and big buy-out strategies to small investments as technology costs fall. Writer Spencer E. Ante gives Philadelphia a serious nod by using Wharton grad and First Round Managing Partner Josh Kopelman as the story’s primary source.

Even if you have only a passing interest in startups and investing, the profile is worth a read over lunch for an inside look at one of the region’s heavy hitters.

Events highlights for the week of May 18 – May 26, 2009

Ready to take a road trip to a magical city that will give you easy access to multimillionaires, let you hook up with people to start the next great independent gaming studio and allow you to listen to a VP at AT&T talk about mobile media?

Well, save your SEPTA tokens, as Philly provides all of that and more this week.

First up is First Round Capitol’s office hours at the World Cafe Live. The event is an informal gathering to discuss all things startup with one of the region’s most well known venture capital firms and is modeled after a college professor’s office hours. If you are up for a short walk, stroll on over to the Cira Center afterward to PANMA’s Mobile Monday. There, listen to a panel stacked with talent discuss Mobile Marketing and Advertising.

If mobile isn’t your thing, make sure you can knock back a few brews with Phillyrb, the city’s Rails user group. We hear if you buy them a few they’ll talk about regular expression syntax for hours.

Continuing University City’s status as center of the tech event universe this week, PANMA is getting together at the Science Center to talk about SEO in 2009, which, we assume, does not involve the <blink> tag.

And lastly, Philly’s game developers are getting together at the Comcast Center to introduce themselves and talk about the future of the group.

All events listed on the event calendar are free to attend. Be sure to check our complete calendar for more information, or follow us past the jump.
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Symantec purchases company in First Round portfolio

Symantec Corp, maker of Norton anti-virus software, has acquired Mi5 Networks, provider of super-fast Web security products. While Mi5 is based on that other, less awesome coast, their largest financier, First Round Capital, has offices in West Conshohocken. In a phone interview, Lead Partner Josh Kopelman confirmed the deal but said the details of the transaction are remaining private at this time. CNET is reporting that it was an all-cash exchange. Symantec will integrate the company’s technology that protects users from Web-based threats into its existing software platform by later this year.

First Round raising annex fund for existing startup portfolio

VentureWire is reporting that West Conshohocken-based angel investor First Round Capital closed on $9.74 million of $15 million for an annex fund to back its existing angel funding, according to a regulatory filing.

Investors of the reserve funding include Comcast Interactive Capital and West Conshocken-based TIFF Private Equity Partners. The annex fund will be used for existing companies in First Round’s portfolio.

First Round invests in seed-level start ups, including Mint.com, a popular online money manager, and Invite Media, a Center City-based online advertising innovator, among others.

We sure hope that the fire damage that Invite Media experienced earlier this month isn’t going to cost $9.74 million.