The Philadelphia Alliance for Capital and Technologies (PACT) released its 2023 Philadelphia Venture Report, showcasing important growth across the Philadelphia innovation ecosystem.
According to the report, the Philadelphia area had a stronger performance than many other, larger venture funding hot spots, particularly at the pre-seed and seed stages, bringing in $2.4 billion across 403 deals.
In the report, Penn was listed as the number one undergraduate university for founders and companies in Philadelphia from 2006 to 2023, with a founder count of 93, a company count of 80, and over $1B raised. Penn spinout Dispatch Biotherapeutics was recognized as a Top Philadelphia MSA (management services agreement) VC deal in 2023.
Ghost Robotics, a PCI Ventures supported portfolio company, was highlighted as a key example of a company that embodies Philadelphia’s innovation ecosystem, combining deep tech from Penn, strong job creation in manufacturing, and social impact measured in the lives of protected frontline armed forces. View the report here.