Ben Franklin Technology Partners (BFTP), a venture capital arm of Pennsylvania economic development office is now tokenizing the Global Opportunity Philadelphia Fund (GO Philly Fund) and aims to raise $50 million.
About GO Philly Fund
Built on top of the ethereum blockchain, the GO Philly Token will be available for purchase for accredited investors at a price of $0.50 per token, in dollars, bitcoin or ether. Notably, the minimum buy-in is fixed at $250,000. GO Philly is planning to sell 100 million tokens in total, including the portion already sold. The tokens will be a digital representation of a limited partnership contract and comply with the SEC’s Rule 506(c),
With the newly launched Global Opportunity Philadelphia Fund (GO Philly Fund), the firm wants to tap into the hundreds of billions of dollars in the cryptocurrency market in order to fuel early-stage Philly startups. Before partnering with Securitize, the fund had an initial raise of $15 million, with Newtown-based EPAM Systems acting as the lead investor, a $5 million investment from Ben Franklin and investment commitment from key investors like Provco Group, Fulton Bank and SRI Capital.
Partnership With Securitize
Working with the California-based token platform Securitize, GO Philly Fund is looking to reach their goal and raise another $35 million by selling GO Philly Fund tokens to accredited investors. Securitize is a compliance platform and protocol for issuing and managing digital securities on the blockchain, including dividends, distributions, and share buy-backs. Their innovative Digital Securities Protocol (DS Protocol) enables seamless, fully compliant trading across multiple markets simultaneously.