VC Roundup: Edison Ventures helps Rowan, Comcast Interactive Capital gets props

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

Edison Venture Funds, based in New Jersey, is funding a Rowan University program to send engineering students to local K-12 schools to help promote engineering as a career option. Rowan University has made large investments in its engineering program recent years, propelling it to among the nation’s best.

DreamIt Ventures managing partner Steve Welsh has backed out of the race for Pennsylvania’s sixth district. “I simply believe I can do more by helping other candidates,” said Welsh in a statement posted to his website.

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Ben Franklin Technology Partners: Budget cuts would “unravel” local startup support

Ben Franklin Technology Partners is keeping a close eye on the state budget.

For the past five weeks, Pennsylvania has been operating without a budget as state legislators wrestle between a 16 percent income tax increase and cuts in state spending, among other points of contention between the Democratically-controlled House and the Republican-controlled Senate.

As a result, state employees are no longer being paid, and expired unemployment benefits are not receiving an extension (though a tiny no-frills emergency budget may pass soon).

Caught up in the hurricane of the state budget debate is BFTP, a state-funded early stage investment group that could see its budget slashed by up to 60 percent. The organization is now asking its constituents to help push their state legislator to keep the group’s funding levels intact.

Otherwise, a cut to the funding to BFTP could have a dramatic impact on the city and the region.

And if you’re a reader of Technically Philly, that probably means you.

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