Do I need to be headquartered in Philadelphia when I apply - or can I move to Philadelphia after I receive funding?

You don't need to be located in Philadelphia when you apply. We're perfectly fine funding companies that commit to move to Philadelphia after they receive our investment.

To understand exactly how it works, you can see the relevant excerpt from our stock term sheet here.

Do I have to choose between applying for the Seed Fund or the Angel Fund?

Nope. We’ve decided to keep it simple and let you apply through one common application. In the application, you can indicate your interest in one or the other, but we will make the final decision as to which fund would be the best fit for your startup.

Is First Round involved in both the Seed Fund and the Angel Fund?

Both funded in partnership with PIDC, the Seed Fund and Angel Fund work slightly differently.

The StartUp PHL Seed Fund is a co-investment fund that invests alongside First Round in Philadelphia-area startups. Therefore all of the Seed Fund companies will receive an investment from First Round and will have access to the products, events and services of First Round. The criteria for a Seed Fund investment are rigorous – as First Round hopes (and expects) to find entrepreneurs and ideas here in Philadelphia that can operate (and compete) at the same level as entrepreneurs anywhere else. So First Round uses the same investment standards for Philadelphia entrepreneurs that are used for the rest of the country.

The StartUp PHL Angel Fund co-invests alongside a handful of Philadelphia angels (including Josh Kopelman personally) who will provide high-level guidance and mentorship. Companies that receive investment from the Angel Fund will not receive an investment from First Round (or become First Round community members) – although there is the possibility that First Round might invest at a later date.