VC Roundup: DreamIt in Forbes Magazine

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

Edit: Kerry Rupp clears up a few facts in the comments below.

DreamIt Ventures gets a feature in this month’s Forbes focusing on managing partners Steven Welch, Kerry Rupp, Michael Levinson and David Book. The story provides a digestible overview for those not familiar with the University City Science Center-based business incubator and provides lots of numbers and personal backstory for those more knowledgeable about the program. The most surprising fact uncovered by Forbes: none of the companies incubated by DreamIt have turned a profit. Look out for our Demo Day preview on Wednesday to get a sneak peak at some of the companies in this year’s class.

Read more

New features for industry social network i-Meet and PhindMe Mobile

Two high-profile, Web-based Philadelphia startups each announced more services to their products recently.

Center City-based, event-planning social network i-Meet.com announced today its partnership with PlannerNet, a service aimed at helping its nearly 10,000 member organizations to find, rate and contract for project-based labor.

That move follows a host of new add-ons to PhindMe Mobile, a mobile Web direct-to-consumer advertising company based at Drexel University’s Baiada Center for Entrepreneurship, which came earlier this month, according to a company press release.

The new service offered by i-Meet, the brainchild of 17th and Oregon’s own John Pino, is said to identify professional meeting and event skills that are available worldwide, helping to match planner experience and projects for event organizers. It’s a move Pino hinted at during an interview with Technically Philly in May.

“In this challenging, economic environment, companies are becoming more inclined to staff their events on a project by project basis,” Pino says in a company press release. “By connecting our worldwide social network to PlannerNet, we’re… delivering qualified talent”

PhindMe’s new features are more varied, ranging from native smartphone applications to Twitter functionality.

Read more

Friday Q&A: Chuck Sacco, CEO of PhindMe Mobile

It’s a helluva school project.

While completing MBA degrees at Drexel University in 2006, Chuck Sacco, Doug Bellenger and two others founded PhindMe Mobile, with vague plans on improving the mobile Web-based interaction between businesses and their customers.

Since then, two have bailed and now CEO Sacco and COO Bellenger are leading a small team crafting the future of mobile Web direct-to-consumer advertising.

Sacco, who did his undergraduate work at St. Joseph’s University, has a few technology startups in his past and has learned from them, he said.

“For me, it’s always been about having platforms where you can plug in functions and take them into new markets as the world changes,” he said.

PhindMe, has to be an example of that – one on which Sacco was willing to bet. He and Bellenger put in about $80,000 of their own capital to launch, and last June they borrowed nearly $225,000 more from friends and family, according to the Philadelphia Business Journal. They launched in October, and they say they’ll break even as early as June – helped by the national attention they’ve gotten in advertising communities.

Below see how the South Jersey native – who says he has “always considered Philadelphia as home” – describes PhindMe’s future and for whom the alumnus of St. Joe’s and Drexel cheers in Big Five basketball.

Read more