VC Roundup: MAC and ETC merge, MindSnacks accepted into DreamIt

Welcome to the VC Round-up, 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.

DEFINITE READS
Peter Key reports that the Eastern Technology Council and MAC alliance are merging. Both organizations focus on connecting business owners with investors. Dean Miller, managing director at Novitas Capital will be the new organization’s CEO. The new organization will reveil its name June 3rd, during the MAC Alliance Awards Luncheon as reported in Key’s followup post.

Either someone is lying, or DreamIt Ventures has started to notify companies that have been accepted in the program’s Summer 2010 class. MindSnacks, a social game dev shop, claims it has been accepted to the University City-based incubator and has posted that it is looking for a “generalist developer” to possibly serve as a co-founder. A social media search by Technically Philly revealed no other companies coming forward.

Read more

Venture Capital: BFTP wants to give you money, a new fund in Bala Cynwyd?

Welcome to the VC Round-up, 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.

Programming note: We skipped last week due to some technical troubles.

Update: looks like Franklin Park isn’t a straight VC fund.

DEFINITE READS

Ben Franklin Technology Partners is looking to award cash to clean energy companies that employ less than 500 people. The money comes from the federal government and companies must match the funds, which can be as high as $50,000. A notice of intent to apply must be filed by April 7th.

(see update, above) According to SEC filings, Bala Cynwyd-based Franklin Park Venture Fund has raised $50 million. We couldn’t find evidence of preexisting activity from these guys, so drop a comment a if you know anything.

Read more

MAC Alliance CEO Thomas Balderston steps down

Thomas Balderston

According to Peter Key over at the Philadelphia Business Journal, Thomas M. Balderston has resigned his post as the Chief Executive of the Mid Atlantic Capital Alliance.

The MAC alliance is an affiliate of the city’s Chamber of Commerce that works to link up entrepreneurs and those with capital in our area. The group regularly hosts events for local business owners and investors.

Balderston made the move known at the group’s annual awards luncheon last Thursday, presumably making the move to focus on his own fund at King of Prussia-based Balderston Capital that he started in 2001.

The move is a big deal for the MAC Alliance, and is its first change in CEO since the group widened its coverage area. When Balderston took the helm of the then-named Greater Philadelphia Venture Group in 2006, he announced that he would be stretching the group’s reach from New York City (a.k.a. the 67th ward) to Washington D.C. Using his 20-plus years in the venture business he did just that, helping MAC Alliance expand to outside of city limits while continuing its march back to relevancy.

Balderston is still listed as CEO on MAC’s Web site. He also is still on the Board of Directors for Ben Franklin Technology Partners and is listed as a Principal investor in Rosemont Investment Partners.

Hat tip to the Phildelaphia Business Journal.

Friday Tech Roundup: Cell phone driving ban, Police brutality spread on social media 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.

• The Philadelphia Business Journal reports that the city’s cell phone ban is for real now. After passing City Council last week, it seemed doomed from statewide angst for a municipality creating a varying driving standard. It seems some state funding is still in danger because of the move.

Read more