Software engineering services provider Epam Systems is set to anchor the $15m first close of a US-based fund operated by regional commercialisation firm Ben Franklin Technology Partners.
Global Opportunity (Go) Philly Fund is a blockchain-driven, early-stage vehicle targeting a $50m final close according to the Philadelphia Inquirer. Ben Franklin Technology Partners has so far contributed $5m and is raising another $5m from its limited partners.
The fund will focus on the startup ecosystem surrounding the city of Philadelphia, Pennsylvania but will have a global mandate, supplying between $50,000 and $500,000 for each initial investment, and up to $3m for each follow-on commitment.
Headquartered in northern Pennsylvania, Epam Systems currently employs more than 650 consulting and technology professionals locally. The company will join Go Philly Fund’s advisory committee in the hope of gaining more exposure to local startups.
The move is also designed to link Epam’s talent with emerging “thought leaders” while putting Go Philly’s portfolio companies in touch with Epam clients and partners.
Elaina Shekhter, chief marketing officer and head of strategy at Epam, said: “We hope that our participation in the Go Philly Fund will create more opportunities for our employees and hybrid teams, as well as become a global pattern that we can repeat to more effectively participate in the startup innovation economy.”