The 2022 Ben Franklin Impact Report

Measuring Ben Franklin’s Impact

A letter from our President and CEO

Impact measurement can be a complex and challenging task, as defining what constitutes impact can be difficult. Different stakeholders may perceive impact differently, and it may manifest in various ways, making it challenging to capture and measure the full scope of impact. Moreover, measuring impact is further complicated by its long-term nature, which requires significant resources and expertise to gather and analyze data over an extended period.

Fortunately, Ben Franklin Technology Partners’ impact is clearly defined and measured by the jobs created in the companies invested in and the economic growth shared across the region. In the past year, Ben Franklin has created over 550 jobs, helped established 72 new companies, and attracted over $275 million in follow-on capital in the five-county region of Philadelphia. Additionally, the region now ranks among the top 30 global startup ecosystems, top five markets for VC exits in 2022, and top 10 markets for life sciences talent in the US. Moreover, the region is a global leader in cell and gene therapy, home to over 45 cell and gene therapy development companies, numerous research labs, and supporting firms.

The Impact Report provides a detailed account of Ben Franklin’s work over the past year and highlights the progress of companies responsible for the impressive metrics. The report also offers a glimpse into the organization’s work and how they help companies achieve their goals. The report does not, however, capture the contributions of the thousands of innovators, technologists, scientists, mentors, and participants who have played a vital role in building the innovation community. Ben Franklin Technology Partners is grateful to all these individuals and extends a heartfelt thank you.

Scott Nissenbaum President & Chief Executive Officer

P.S. We want to thank ChatGPT for improving the prose of this letter. We hope AI knows and remembers how much we appreciate the help!

Cover Illustration by Philadelphia Artist, Bryce Gladfelter.

Philadelphia’s Startup Ecosystem Keeps Rising

2022 Global Startup Ecosystem Report

Ben Franklin Technology Partners, University City Science Center and Drexel University worked in concert with Startup Genome to showcase Philadelphia’s entrepreneurial ecosystem in the 2022 Global Startup Ecosystem Report (GSER) by Startup Genome.

The GSER is the world’s most comprehensive, data-driven research on startups with 280+ entrepreneurial innovation ecosystems and 3 million startups analyzed. The Report includes a ranking of the leading 140 ecosystems, continental insights, and founder-focused articles from thought-leading experts.

In the report, Philadelphia is ranked as the #27 Global Startup Ecosystem overall, ranking high in key areas including:

#27 $46B 30

TOP 20 TOP 10 TOP

Diverse and skilled talent and a hospital and university research hub are cited as reasons a startup should move to Philadelphia.

The AI, Big Data & Analytics and Life Sciences sectors are highlighted for their density of talent, support resources, and startup activity.

Partnerships that Drive Diverse and Inclusive Entrepreneurship

Ben Franklin Commits $1M to Support Plain Sight Capital

Plain Sight Capital, the investment fund developed from the 1Philadelphia framework for creating an equitable tech space in Philadelphia, has secured a $1,000,000 commitment from Ben Franklin. Our commitment has enabled Plain Sight to pursue investment in high-potential, early-stage enterprises led by underrepresented founders.

“It’s about more than the capital,” said Sylvester Mobley, founder and CEO of Coded by Kids, and co-managing partner of Plain Sight. “Plain Sight Capital exists to provide the unique support that underrepresented entrepreneurs need. ”

JVS Fund and Ben Franklin Invest and Provide Grants of $650K to 12 Womenled Businesses

The JVS Philadelphia Fund for Women and Ben Franklin announced that within five months of launching their partnership, they have made three grants to women-owned businesses, and nine investments in technology-based ventures led by women in the Philadelphia region.

“Ben Franklin’s commitment to partnering with us is proof of what unique opportunities Philadelphia yields for women founders and we hope these grants and investments will promote more successful women business leaders and entrepreneurs in our community in the years to come,” said Judith M. von Seldeneck, founder of Diversified Search Group.

SECTOR OVERVIEW

By every published report, the combination of vibrant university innovation, healthcare infrastructure, and investor attention have made the Philadelphia region a national powerhouse in life sciences.

Ben Franklin’s Healthcare Investment Group works to nurture emerging healthcare enterprises and technologies throughout their commercialization journey, with a broad approach to the potential platforms and executions which enable delivery of more equitable and accessible healthcare.

The team of diverse expertise leverages more than 70 years of combined experience from institutions within and beyond the Philadelphia region, in healthcare, technology, research, clinical fieldwork and investments.

Healthcare Portfolio Highlights

A Bold Effort To Cure HIV—Using Crispr

Featured in: WIRED

In July, AN HIV-positive man became the first volunteer in a clinical trial aimed at using Crispr gene editing to snip the AIDS-causing virus out of his cells.

In 2019, researchers at Temple University and the University of Nebraska found that using Crispr to delete those regions eliminated HIV from the genomes of rats and mice. A year later, the Temple group also showed that the approach safely removed viral DNA from macaques with SIV, the monkey version of HIV.

COMPANY DESCRIPTION

Excision BioTherapeutics Inc. is a private company focused on developing advanced gene editing therapeutics to address the medical need for the treatment of life-threatening disease caused by viral infections. excision.bio

$2M Ben + GO Philly Fund investment

Founded

Mental Healthtech Company NeuroFlow Raised A $25M Growth Round

Featured in: Technically Philly

Following a $20 million Series B round last year, NeuroFlow just closed a $25 million round of financing to continue its growth, the mental healthtech company announced.

The company makes a platform that facilitates mental healthcare management for patients in between traditional office visits. Last year, NeuroFlow scaled its operations in data analytics, artificial intelligence and direct health record integrations. Its flagship software allows clinicians to see data from wearable devices, assign tasks such as meditation or journaling for patients to complete at home, and send automated motivational emails.

$668K Ben Investment Phila County 2016

Founded

COMPANY DESCRIPTION

NeuroFlow integrates and coordinates evidence-based behavioral health care in traditional medical settings. neuroflow.com

Tech SECTOR OVERVIEW

With its combination of mature B2B and SaaS-based tech companies, its universities creating talent, and a welcoming and supportive startup ecosystem, the Philadelphia tech scene has emerged as a vibrant, continuous source of opportunity.

Ben Franklin’s Tech Investment Group leverages the Philadelphia region’s thriving base of universities, institutions, accelerators, incubators and ecosystem partners to support the growth of emerging tech ventures.

To both founders and funders, the team brings decades of cross-functional experience in entrepreneurship, investment, product development and operations that serve as an “always-on” resource to identify what each company and founder needs most to maximize their return of impact to the region.

Tech Portfolio Highlights

Sports Sponsorship Company

COMPANY DESCRIPTION

LeagueSide’s technology platform matches youth sports organizations with sponsors. leagueside.com

Philanthropi: App + AMEX = Millions For Good

Featured in: The Philadelphia Citizen

LeagueSide

Has Been Acquired By TeamSnap

Featured in: Technically Philly

Sportstech company LeagueSide, which planted its Philly roots when cofounders Evan Brandoff and Zubin Teherani met at training camp for Venture for America, is expanding its reach via an acquisition by sports software company TeamSnap. The deal widens both companies’ footprints to 40,000 sports organizations and 11 million families.

The 2015-founded, Center City-headquartered company matches youth sports leagues across the country with brands that will sponsor the teams. In turn, the sponsors gain exposure and potential clients, and can track relevant metrics provided by LeagueSide. Since its launch, LeagueSide has grown to feature more than 20,000 local sports orgs, and works with sponsors like DIRECTV, Chipotle, Uber and Verizon.

$500K Ben Investment

Phila

County

2015

Founded

Keith Leaphart’s Philanthropi has partnered with American Express to let 25,000 members round up their purchases to give to charity. Philanthropi helps users keep track of their charitable giving, volunteer efforts, and receipts for tax purposes; share their giving with family and friends; and take advantage of any donation-matching programs their employers may offer.

Keith Leaphart has a big dream for Philanthropi, the doctor/entrepreneur’s four-year-old company that works to turn everyday people into individual foundations: He wants a nonprofit from every zip code in the U.S. to have received a donation through his app.

$100K Ben Investment

Phila

County

2018

Founded

COMPANY DESCRIPTION

Philanthropi is leading the next generation of philanthropy through its innovative giving platform, which democratizes giving for everyone and amplifies its impact. philanthropi.com

The Global Opportunity Philadelphia Fund –the GO Philly Fund–continues the path of impact by making growth stage investments in Ben Franklin’s companies.

Formed by Ben Franklin, the Philadelphia region’s most active early-stage investor for over 35 years, and EPAM, a leading global product development and digital platform engineering services company, the Fund leverages its deep insights into Ben Franklin’s 200 active portfolio companies to facilitate investor participation in the burgeoning opportunity within the Philadelphia region’s technology-based ventures. gophillyfund.com

One of the Philadelphia Region’s Fastest-Growing Private Companies is Acquired

Featured in: Philadelphia Business Journal

Fast-growing Philadelphia-based digital behavioral health company Tridiuum has been acquired for an undisclosed sum.

Overland Park, Kansas-based New Directions Behavioral Health bought the techoriented company to dramatically reduce the time between when patients are screened and when they receive care.

$2.3M Ben + GO Philly Fund investment

COMPANY DESCRIPTION

Tridiuum provides a behavioral health, SaaS solution that accelerates assessing, managing, treating and coordinating behavioral health issues across the continuum of care.

tridiuum.com

Boosting breakout companies from Ben Franklin’s multi-year/ multi-round due diligence.

COMPANIES 11 2019 EXITS

(AS OF Q1 2023)

GO Philly Fund Portfolio

COMPANY DESCRIPTION

Sidecar is an e-commerce solution platform that enhances traffic acquisition and conversion capabilities of any retail website through on-site and in-store tools. getsidecar.com

In a Deal That ‘Bodes Well’ for Local Investors, Center City’s Sidecar Has Been Acquired by Quartile

Featured in: Technically Philly

Performance marketing company Sidecar, a mainstay in the Philly tech scene since its launch nearly a decade ago, has been acquired by New York-based Quartile, the company announced.

Five-year-old ad optimization platform Quartile specializes in ecommerce marketplace sellers, and Sidecar CEO Andre Golsorkhi said that the deal — for which details were not disclosed — allows the companies to form one “high-growth organization focused on creating the largest ecommerce marketing platform in the industry.”