In the latest indication that venture capital groups in Philadelphia are aligning themselves more closely with the city’s universities, DreamIt Ventures is moving onto the University City Science Center’s campus where it will open up an innovation hub. The building where DreamIt is moving also houses Drexel University’s Expressive and Creative Interaction Technologies Center. Drexel said it’s investing $3 million in the DreamIt Ventures Fund 2, according to a company statement.
The fund now has a fundraising target of $30 million to help with follow-on investments in its accelerator companies. It’s part of a strategic partnership with Drexel and the Science Center.
The 17,500-square-foot space will provide room for incubator companies and space for its accelerator companies to work. It will also offer support for later stage companies. The space is expected to open in April next year.
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The move fits Drexel’s plans to add more startup resources for its School of Entrepreneurship that opened this fall and its broader strategic plan for an innovation neighborhood. It also added a venture arm in the past year. The Science Center’s campus is home to many health IT and life science industry companies. A Canadian health IT accelerator is located on the campus as well.
In addition to DreamIt Health, DreamIt has a few accelerator programs across Philly, Austin, New York and most recently, Baltimore. It’s in the process of finalizing a list of companies accepted for its DreamIt Health class in Baltimore in a partnership with Johns Hopkins University. These programs attract startups from around the country with the hope that these entrepreneurs will find reason to stay in the region.
First Round Capital relocated from the ‘burbs to the city last year to be closer to the city’s universities. It’s located less than a block away from University of Pennsylvania’s campus. It started its Dorm Room Fund to invest in student startups in Philly and has since expanded it to New York, Silicon Valley and Boston. MentorTech Ventures works with University of Pennsylvania’s entrepreneur community.
