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Thursday, July 5, 2012

DCED: Venture Capital Investments Support New Companies, Job Growth

DCED: Venture Capital Investments Support New Companies, Job Growth

Harrisburg – The Commonwealth Financing Authority (CFA), through the New
Pennsylvania Venture Capital Investment Program, today approved $5.5 million
investment to help two early-stage companies grow and create jobs in
Pennsylvania.

“Governor Corbett is committed to providing entrepreneurs and new companies
with the start-up capital needed to grow their businesses and produce jobs,” said
Department of Community and Economic Development Secretary C. Alan Walker.
“Today’s investments will provide early-stage technology companies with the
venture capital and equity financing they need to jump-start their businesses and
create new jobs.”

The New PA Venture Capital Investment Program generates significant private
equity investment by requiring the venture capital firm to provide a match of three
dollars into Pennsylvania companies for every one dollar in state funding. With this
investment, the CFA has now committed $50.4 million of the $60 million available
to venture capital partnerships for investment in Pennsylvania-based technologyoriented
entities.

The CFA will make a $4 million investment in Draper Triangle Partners III LLC (DTV
III), a $100 million fund. DTV III will make 15 to 20 investments with an average
target of $500,000 to $2.5 million per investment – approximately $50 million of
these investments will be in Pennsylvania. Through this relationship, the CFA
investment will result in an additional $46 million of private venture capital
investments for Pennsylvania companies; far in excess of the three-to-one required
match.

Draper Triangle Partners III is a Pittsburgh-based limited partnership being
organized with the objective of achieving significant capital appreciation through a
portfolio of equity and equity-related investments in companies typically located in
western and central Pennsylvania. The fund will seek to invest in seed and earlystage
emerging technology companies.

The CFA also approved a $1.5 million investment in NextStage Capital II LP
(NextStage II), a $25 million fund. NextStage II will make 15 to 21 investments
with an average target of $500,000 to $2 million per investment. Through this
relationship, the CFA investment will result in an additional $15 million of private
venture capital investments for Pennsylvania companies.

Based in Audubon, Montgomery County, NextStage II is an early-stage venture
capital fund being organized with the objective of investing entirely in seed and
early-stage software and technology-enabled services (software as a service) stage
companies. The fund will focus on investments in the state’s northern and central
regions, and in Philadelphia.

The New PA Venture Capital Investment Program is a catalyst to increase the
availability of venture capital investment in Pennsylvania early stage and “seed”
companies. The program is administered by the Department of Community and
Economic Development, under the direction of the CFA.

For more information about the New PA Venture Capital Investment Program, or
other community and economic development initiatives, visit www.newPA.com or
call 1-866-466-3972.

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