Ben Franklin commits $1M to support Plain Sight Capital
Ben Franklin commits $1M to support Plain Sight Capital
Contact:
Jason Bannon, Ben Franklin
jason.bannon@sep.benfranklin.org
Commitment allows fund to begin investments in ventures led by underrepresented founders
PHILADELPHIA (June 16, 2022)—Plain Sight Capital, the investment fund developed from the 1Philadelphia framework for creating an equitable tech space in Philadelphia, has secured a $1,000,000 commitment from Ben Franklin Technology Partners of Southeastern Pennsylvania (Ben Franklin). Ben Franklin’s commitment has enabled Plain Sight to pursue investment in high-potential, early-stage enterprises led by underrepresented founders.
The structure of Ben Franklin’s commitment has allowed Plain Sight to already commit to adding three companies to its portfolio: Stimulus, Sweft, and Kiddie Kredit. These and all future Plain Sight portfolio companies will have full access to Ben Franklin’s network and support resources, including its investment groups, its Mentor Connect program in partnership with PACT, and its extended network of regional and national resources.
“Sylvester and Alex’s vision was a great fit for Ben Franklin from the get-go, so we’re glad to see their continued momentum,” said Scott Nissenbaum, President and CEO of Ben Franklin. “Plain Sight represents a clear and immediate opportunity for investors while increasing the opportunity for underrepresented founders in the region. It’s not either/or: it’s both.”
“It’s about more than the capital,” said Sylvester Mobley, founder and CEO of Coded by Kids, and co-managing partner of Plain Sight. “Plain Sight Capital exists to provide the unique support that underrepresented entrepreneurs need. The stability and discipline of Ben Franklin’s team and experience will help level the playing field and make the progress we know is possible.”
Added Alex King, co-managing partner of Plain Sight: “For so many companies, Ben Franklin’s investment is an important signal of confidence to other capital sources around the country, and an indication that it’s essential to build opportunities for those who have historically been shut out from traditional funding sources.”
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PLAIN SIGHT CAPITAL
One of the nation’s few Black-run venture capital funds, Plain Sight Capital focuses on developing and investing in early-stage technology companies founded by underrepresented entrepreneurs. Plain Sight invests in founders with deep domain expertise that demonstrate significant problem-solving ability, adaptability, resilience, and drive. Led by Sylvester Mobley and Alex King, Plain Sight aims to become the global platform for underrepresented founders. plainsightcapital.com
BEN FRANKLIN TECHNOLOGY PARTNERS OF SOUTHEASTERN PENNSYLVANIA
Ben Franklin Technology Partners of Southeastern Pennsylvania (Ben Franklin) is the Philadelphia region’s Partners with a Purpose. Nationally ranked among the most active seed and early-stage investors, Ben Franklin helps high-growth innovative enterprises plant and nurture their roots, creating both immediate connections and lasting economic growth. The nonprofit has supported more than 2,000 companies to deliver an impact of more than $5 billion and 32,000 jobs in the Philadelphia region. Whether in tech, life sciences, manufacturing, or industries and breakthroughs yet discovered, Ben Franklin works to raise the community of innovation higher, to benefit present and future generations of Pennsylvanians. Visit us at partnerswithapurpose.org or follow us at @bftp_sep.
