Ben Franklin Technology Partners of Central and Northern PA, 1855 Capital LLC and Pennsylvania State University

The Ben Franklin Technology Partners of Central and Northern PA, 1855 Capital Partners LLC and Penn State University will support a venture fund that will provide seed investments and management support to technology-focused entrepreneurs in a large region of Central PA. The 1855 Capital Fund will be a $10-20 million seed stage investment fund that will be raised from those interested to invest in the communities around Penn State campuses and especially the Penn State University Alumni Network. Domiciled on the campuses of Penn State, the purpose of the Fund is to be an equity capital source for University-affiliated, high-growth potential companies emerging from the University ecosystem in largely rural Central Pennsylvania and other under-capitalized campus locations. Five years after the end of the grant performance period, the Fund expects to have built a portfolio of 15 or more companies that will have secured $65 million in follow-on financing and created 200 new jobs with a median annual salary of $72,000.