Investors’ Circle Philadelphia Commits $500K to GoodCompany Group
April 1, 2013 /3BL Media/ - Investors’ Circle Philadelphia (ICP) is pleased to announce a $500,000 commitment for investment into graduates of the Ventures Program at GoodCompany Group (GCV). The ICP-GCV2013 Seed Fund reflects the long-standing collaboration between the two organizations to support social entrepreneurs and a significant private sector response to Mayor Nutter’s leadership in creating the Philadelphia Social Enterprise Partnership. "I am pleased to see the City's business community step forward to support entrepreneurs who bring meaningful change to our citizens and the development of Philadelphia as the national hub for social enterprise,” said Mayor Nutter, “This is something that we hope to build on through our new Philadelphia Social Enterprise Partnership."
Applications are now being accepted for the 2013 GoodCompany Ventures accelerator program.
In selecting the 2013 class, GoodCompany will give preferences to social entrepreneurs implementing innovative solutions to urban problems. The focus on urban and civic concerns is the one of the first steps in the implementation of the Philadelphia Social Enterprise Partnership, a partnership among the City of Philadelphia, GoodCompany and Wharton, for which Mayor Nutter has been awarded a $1 million prize by Bloomberg Philanthropies’ Mayors’ Challenge."
To be considered for the GCV 2013 Ventures Accelerator Program, entrepreneurs must apply and satisfy the criteria for admission to the accelerator, relating to innovation, impact and implementation. Applications for the GCV 2013 Ventures Accelerator Program will be accepted through April 15th. Entrepreneurs will be admitted on a rolling basis, with final acceptances announced on May 3rd.
Investors’ Circle Philadelphia
Investors’ Circle Philadelphia was established in 2010 as the first regional chapter of Investors’ Circle. In the last two years, ICP has invested more than $1,000,000 in 8 social enterprises in the region. Investors' Circle is the country’s preeminent impact investor network. Since its founding in 1992, IC members have invested nearly $170mm in social enterprises, including over $11 million invested in 2012.
Investors’ Circle has been the first source of seed funding for several of GoodCompany Ventures’ most successful graduates, including Public Stuff, Black Gold BioFuels and ElectNext. Today’s announcement marks a deeper partnership between ICP and GoodCompany. John Moore, the President of Investors’ Circle Philadelphia has recently joined the Board of Directors of GoodCompany Group.
Mr. Moore is an experienced venture investor, having served for several years as the Managing Partner of Robin Hood Ventures, Philadelphia’s most active angel investor group. Mr. Moore will chair the Investment Committee of the Investors’ Circle Philadelphia GCV2013 Seed Fund, which will include Mr. Melby and Jacob Gray, Senior Director of the Wharton Program for Social Impact. Mr. Gray has led Wharton’s engagement in the Philadelphia Social Enterprise Partnership and advises the Wharton Social Venture Fund, a student organization that has supported the origination and investment functions for both GoodCompany Ventures and IC.
“IC members are eager to invest in new solutions to social and environmental problems. Our members are making this up-front commitment, to send a message to social entrepreneurs nationwide. Start your company in Philadelphia where there are investors waiting to fund your social enterprise.” said Mr. Moore, “We look forward to working closely with GoodCompany and Wharton to realize Mayor Nutter’s vision for Philadelphia as the place where the country’s most ambitious social enterprises get launched.”
Accredited investors in the Philadelphia region are invited to learn more about joining Investors’ Circle by visiting here.
GoodCompany Ventures, a program of nonprofit GoodCompany Group, was founded in 2009 to assist social entrepreneurs to access both the business strategies and the investment capital of the traditional venture community and to develop social innovations into enterprises capable of delivering large-scale social impact. Now entering its fifth year, the GoodCompany Ventures accelerator is the oldest, the most rigorous and most successful program of its kind and its graduates have succeeded in raising over $30,000,000 to fuel their social innovations. Building on this record of success, GoodCompany has established GoodCompany Funding to provide more reliable access to capital for the best social entrepreneurs and develop opportunities for traditional investors to engage in impact investing.
Garrett Melby, a founder of the Ventures program, will serve as Managing Director of GoodCompany Funding. “Investors Circle Philadelphia has been indispensible as an investment partner for GoodCompany and central to the development of Philadelphia’s reputation for national leadership in supporting social entrepreneurs, “ said Mr. Melby, “It is a testament to the confidence of ICP’s members in the quality of GCV’s entrepreneurs and the significance of our common goals that they would support the launch of GoodCompany Funding by making such a substantial commitment toward the success of our 2013 Ventures program.”
About GoodCompany Funding
GoodCompany Funding is a new initiative of GoodCompany Group, to develop funding support for social entrepreneurs. GoodCompany Funding is a for-profit joint venture between GoodCompany Group, a 501c(3) non-profit, and Iolite Social Capital, a for-profit developer of tools for impact investors to fund a better future. Garrett Melby, one of the founders of the GoodCompany Ventures program and of Iolite Social Capital, will serve as the Managing Director of GoodCompany Funding.