Safeguard consolidates + 5 local startups get funded
Welcome to the VC Roundup, where we’ll parse through venture capital news related to Philadelphia-based private equity firms and the companies they fund. Subscribe to the roundup as an email newsletter. If you have any VC-related news to pass along to us, please drop us a line.
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Last week, Technically Philly happily attended Investor’s Circle, a pitch event where several socially minded companies seek funding. However, despite Philadelphia’s strong infrastructure for “triple bottom line” businesses, there was only one representative from Philadelphia: The Daily Worth.
It turns out that the DuckDuckGo funding amounted to $3 million.
First Round Capital company SimpleGeo has been acquired by Urban Airship for $3.5 million. SimpleGeo was the once-hot location data provider with former Digg CEO Jay Adelson as CEO. The exit is widely panned in the press as a disappointment.
Safeguard Scientifics reported a Q3 income of $22.3 million, up 3 cents per share. As the Inquirer’s Mike Armstrong points out, much of that profit came from the sale of Portico Systems, to McKesson. The company also consolidated its life science and tech departments after the resignation of Kevin Kemmerer.
