CHESTER – A venture capital firm that focuses on funding $2 to $4 million investments has planted roots in the city, according to officials.
Global Internet Venture Partners has signed a multi-year lease for a nearly 1,000-square-feet office at University Technology Park at 1350 Edgmont Ave. in Chester, E. Jean Krack, Keystone Innovation Zone coordinator, announced.
“The premise of the technology park is to bring technology into Chester,” he said. “One of the problems of start-ups is cash flow.”
However, he said GIV’s focus on $2 to $4 million investments is a perfect fit.
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“That’s a great niche to have and to have right in this park,” Krack said.
He explained that one of the partners is in the Conshohocken area and another is in Wilmington, Del.
“This provides the two of them a satellite office that’s equidistant for them and for Philadelphia,” Krack said.
Based in Newark, Del., GIV is a private equity firm that focuses on early-stage technology companies based in India, China and the United States. It was founded by Bill Melton, who was an original founder of VeriFone Inc., the company responsible for credit authorization terminals at checkout terminals everywhere.
He also was an early investor of AOL and was a founding investor of Transaction Network System, which was sold to PSINet in 1999 for almost $750 million.
Melton oversees a team that has invested over $215 million in almost 100 private equity transactions.
Krack said the current fund was investing in the Mid-Atlantic region, focusing on privately held businesses in the technology, healthcare and services sectors.
The Delaware County Keystone Innovation Zone was established with Villanova and Widener universities as an area that encourages innovative thinking, creativity and technology transfer through local partnerships and resources.
It is managed by the University Technology Park, which also houses the Widener Small Business Development Center. The park was created in 1999 as a partnership by Crozer-Keystone Health System and Widener University.