Philadelphia startups raised 187% more in 2019 than the previous four years combined
2019 was Philadelphia’s largest year for start up funding, eclipsing and rocketing past $1 billion for the first time in history.
February 10, 2020
- Overall, 51 companies raised almost $1.7 billion. Looking closer at the major contributors, had it not been for goPuff’s record breaking venture round of $750 million thanks to the SoftBank Vision Fund, Biotechnology and Therapeutics would have been the leading industry in terms of total fundraising during 2019, with a total of $765 million raised by 15 different startups. As a result of goPuff’s major venture round, E-Commerce led the way with a total of $775 million raised by just four startups. Outside of these two industry groups, the only company to raise more than $20 million in Philadelphia was HealthVerity, a Healthcare IT start up. They raised $25 million during a Series C round in April.
- This large influx of capital to local startups will inevitably lead to headcount growth and the need for larger real estate footprints, whether that's locally or elsewhere. Focusing on the companies that raised the most money in 2019, goPuff continues to build out their new 30,000 s.f. office at 3rd and Spring Garden, the former location of Finnegan’s Wake. This real estate decision was made well before receiving funding from SoftBank, so the market is closely watching whether they will take additional space in the future. In November, Limelight Bio signed a 25,000 s.f. lease at 3535 Market, where they will relocate in 2020 after occupying space in Pennovation. As for the others, we anticipate that major real estate decisions are on the horizon, if not already in the works.
Source: JLL Research, CrunchBase