Department of Community and Economic Development (DCED) Acting Secretary Neil Weaver and the Ben Franklin Technology Development Authority (BFTDA) announced that $2.5 million has been awarded on behalf of 3 Points Rising Ventures Equity I, LP, a Pittsburgh-based fund that will target investments of up to $2 million in up to 15 early-stage technology companies each year.
“When we invest in companies that innovate and make change, we invest in the future of Pennsylvania,” said Acting Sec. Weaver. “Providing funding for venture capital firms that finance start-up companies in the commonwealth helps create opportunities for growth for our communities. DCED is proud to continue our work with the BFTDA.”
3 Points Rising Ventures will focus their efforts on the western Pennsylvania start-up market with an emphasis on business-to-business software companies. The firm is being established by Ed Engler, who formerly co-founded Pittsburgh Equity Partners Fund in 2009. He is being joined by Karl Thomas, a former US Navy reservist, who previously worked as engineer for Michael Baker Corporation and more recently as a business developer with the Swartz Center at Carnegie Mellon University.