PHILADELPHIA, March 10, 2006 (PRIMEZONE) -- Ben Franklin Investment Partners (www.sep.benfranklin.org) (BFIP) yesterday announced it has signed a memorandum of understanding (MOU) with the Mid-Atlantic Angel Group ("the MAG Fund"). The MOU provides the MAG Fund and its members with exclusive access to BFIP's guarantee facility, and exposure to investment opportunities sourced by other participating angel investment networks, BFIP and Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP). The agreement also facilitates collaboration in the due diligence process of selected enterprises.
"This partnership provides significant support for MAG Fund members in our efforts to bridge the economic gap between angel funding and institutional venture capital funding serving the Greater Philadelphia region," MAG Fund Founder and Executive Director Chris Starr said.
"The addition of MAG Fund to the Ben Franklin Investment Partners multiplies the options for emerging companies seeking the vital seed capital they need to grow and prosper here in our region," said RoseAnn B. Rosenthal, President and CEO of the Ben Franklin Technology Partners of Southeastern Pennsylvania.
BFIP - the first angel investor guarantee facility of its kind in the United States -- was designed to spur investment activity in southeastern Pennsylvania's emerging technology enterprises. BFIP encourages qualified private investors to commit more by protecting 25% of any loss that may be experienced. The innovative program, launched in 2002 by BFTP/SEP and seeded with $2 million from the Commonwealth of Pennsylvania, was prominently featured recently as a cutting-edge development finance tool at the Kauffman Foundation's Angel Organization Summit in Chicago.
For more information about Ben Franklin Investment Partners, contact Stephen Harris, Chief Investment Officer, BFIP, at (215) 972-6700, ext. 3757, or e-mail Stephen@sep.benfranklin.org. To receive additional information about the Mid-Atlantic Angel Group Fund, contact Chris Starr at (215) 496-8110 or e-mail cstarr@ipphila.com.
About the Mid-Atlantic Angel Group Fund I, LP (MAG)
The Mid-Atlantic Angel Group (MAG) Fund was created to bridge the gap between angel funding and institutional venture capital funding serving the Greater Philadelphia region. The Fund consists of 89 investors with over $4.4 million under management. This member-managed fund provides experienced investors, entrepreneurs, high-net worth individuals, institutions, and other accredited investors with an opportunity for active involvement in diversified venture capital investments throughout southeastern Pennsylvania, central and southern New Jersey, and Delaware. It seeks to leverage various public and private funding resources and networks by providing equity capital to seed and early-stage technology-based, high-growth companies.
About Ben Franklin Technology Partners of Southeastern Pennsylvania Since 1982, Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has helped grow the region through science, technology and entrepreneurship. Part of a statewide network in Pennsylvania, BFTP/SEP provides entrepreneurs and established businesses the capital, talent, and expertise they need to compete in the global marketplace. BFTP/SEP has provided more than $110 million to over 1,400 regional enterprises through various funding means. BFTP/SEP is a founding partner of the Nanotechnology Institute (NTI) and the Mid-Atlantic Nanotechnology Alliance (MANA(R)) and is funded by Pennsylvania's Department of Community and Economic Development.