Venture capital partnerships expand Pennsylvania economy
Governor Ed Rendell recently announced a shot of venture capital funding for early-stage life science companies in western Pennsylvania. Through a program managed by the Commonwealth Financing Authority, the New PA Venture Capital Investment Program will provide $5 million to Pittsburgh-based Corridor Ventures to invest in Pennsylvania-related companies within the life sciences sector.
The New PA Venture Capital Investment Program was created by Governor Rendell’s 2003 Economic Stimulus Package after he first came into office. The stimulus package passed the state legislature in 2004, clearing the way for the Venture Capital Investment Program along with other financing programs meant to jumpstart the Pennsylvania economy.