Top 6 Angel Investors and VC Firms in Pennsylvania
With almost 13 million people, Pennsylvania is growing expeditiously and so is the startup culture. The state's angel investors, angel networks, and VC firms are concentrated mainly around Philadelphia and Pittsburgh, and they range from solo checkwriters to organized groups that meet monthly to evaluate deals.
Every year, there are hundreds of startups that secure funding by pitching to angel investors, private equity firms, and venture capitalists.
Do you also want to know these firms and individual investors?
Well, I got you covered. Following is the list of the top angel investors and VC firms in Pennsylvania with most of them being headquartered in Pittsburgh and Philadelphia. You can also browse Angel Match's full list of Pennsylvania investors directly.
Top 6 Angel Investors and VC Firms in Pennsylvania
Before we jump onto the list, always remember that additional research is necessary. Researching about angel investors allows you to understand their mindset and you can increase your chances of securing the funding.
Josh Kopelman
- LinkedIn: Josh Kopelman
- Investor Type: Individual Investor
- Investment Interests: Tech, Clothing, Healthcare and Education.
- Investment Stage: Early
Josh Kopelman is a Philadelphia-based entrepreneur and one of the most recognized early-stage investors in the country. He founded First Round Capital in 2004 and has consistently ranked among the top investors on Forbes' Midas List. He is an investor, director, and advisor to companies including OnDeck Capital, Flatiron Health, Aster Data Systems, and Knewton.
Kopelman has been investing in internet and technology startups since the 1990s, when he co-founded Infonautics as a student at Wharton. He later founded Half.com, which was acquired by eBay, before starting First Round Capital.
Like most other investors, Josh Kopelman also believes in guiding startups when things don't go their way. Thanks to his diverse experience, he often leads workshops and helps his portfolio companies.
Kopelman has been an investor in a wide range of companies over the years. Some of the startups he is publicly known to have backed include:
Gigya: Gigya is a provider of a customer identity management platform that helps companies build trusted customer relationships based on transparency and personal data control.
AltSchool: AltSchool is a network of schools with an interdisciplinary team aimed at offering experiential learning.
The Black Tux: The Black Tux is a formal wear rental startup that designs and manufactures modern rental suits and tuxedos.
Five Below: Five Below is a leading high-growth value retailer offering trend-right, high-quality products loved by tweens, teens, and beyond.
Ashok Trivedi
- Investor Type: Angel Investor
- Investment Interests: Tech, Event Management, and Healthcare.
- Investment Stage: Early
Ashok Trivedi is one of Pittsburgh's most active individual investors and a co-founder of IGATE Corporation and Mastech Digital. As Managing Partner of SWAT Capital, he has been an angel investor in more than 50 early-stage technology and financial services businesses and takes a keen interest in PIPE deals and co-investments.
Trivedi manages investments on behalf of the Trivedi Family Office, which he established after IGATE's 2015 acquisition by Capgemini. He is also a founder and trustee of Ashoka University.
Beyond direct investing, Trivedi is active in the Pittsburgh entrepreneurial community and holds memberships in groups including the India Angel Network and the Pittsburgh Venture Capital Association.
Among his publicly disclosed portfolio companies are:
CBay Systems: CBay Systems Pvt. Ltd. is a healthcare BPO company that offers medical transcription and other value-added services.
Cvent: Cvent, Inc. is a privately held SaaS company that specializes in meetings, events, and hospitality management technology. It provides a comprehensive event marketing and management platform as well as a global marketplace where event professionals collaborate.
Innovation Works
- Website: Innovation Works
- Investor Type: Venture Capital Firm
- Investment Interests: Software, Hardware, Robotics, and Life Sciences
- Investment Stage: Seed and Early
Founded in 1999 by Lisa Greenleaf, Innovation Works is the most active early-stage investor in the Pittsburgh region. Headquartered in Pittsburgh, Innovation Works has invested more than $120 million into over 780 companies since its founding, and its portfolio has gone on to raise billions more in follow-on funding.
Innovation Works runs the AlphaLab family of accelerators (software, hardware, life sciences, and robotics tracks) and is part of the statewide Ben Franklin Technology Partners network.
Recent portfolio companies backed by Innovation Works include:
Shelfmark: Shelfmark is a Pittsburgh startup, spun out of Carnegie Mellon University, that builds camera-based inventory tracking technology for direct store delivery, deployed at retailers including 7-Eleven.
Foundera Beauty: Foundera Beauty is a makeup-matching platform that uses AI to help customers find the right foundation and concealer shades online.
Safe Space Technologies: Safe Space Technologies is a Pittsburgh company that builds autonomous robots using UVC light to disinfect classrooms, offices, and other large spaces.
BlueTree Allied Angels
- Website: BlueTree Allied Angels
- Investor Type: Angel Network
- Investment Interests: Software (SaaS and web marketplaces), IT, Media, AI and Big Data, and Medical Devices
- Investment Stage: Early and Pre-Institutional
Founded in 2003 and based in Wexford, just outside Pittsburgh, BlueTree Allied Angels is Western Pennsylvania's leading angel network. It is a members-only group of accredited investors who meet regularly to evaluate and fund promising early-stage companies in the region.
Alongside the angel group, BlueTree also runs a separate BlueTree Venture Fund focused on Series A rounds, and the group will consider deals outside the region when there is a lead investor in place.
BlueTree typically co-invests alongside other regional funds rather than acting alone, which makes it a useful group to know if you are already building a syndicate in Western Pennsylvania.
Robin Hood Ventures
- Website: Robin Hood Ventures
- Investor Type: Angel Group
- Investment Interests: Software and Healthcare IT, Hardtech, Life Sciences, and Consumer
- Investment Stage: Early
Founded in 1999, Robin Hood Ventures is one of the Philadelphia region's most established angel groups. The group has invested in more than 45 companies since inception, across software, medical devices, biotech, internet, and financial technology.
Robin Hood invests as a single entity, typically writing checks between $250,000 and $1 million per deal, and syndicates with other angels, institutions, and VCs in its network. Companies generally need to be raising $500,000 to $3 million to be a fit.
The group holds regular office hours for founders and a quarterly pitch process through the Mid-Atlantic Diamond Ventures forum, making it one of the more accessible groups on this list for a first-time founder in the region.
Wrap-Up
Before we conclude, always keep in mind that angel investors want to fund startups that will generate high profits. Ideas that have the potential to 2x or 3x the investment are always loved by angels and venture capitalists.
Similarly, when pitching, you should always try to present your businesses that offer solutions and are a profitable investment. If your budget doesn't allow for a paid database yet, our guide on how to find angel investors for free is a good place to start.
Frequently Asked Questions
How much do Pennsylvania's angel investors typically invest?
It varies by investor. Robin Hood Ventures generally invests $250,000 to $1 million per deal, while individual angels like Josh Kopelman and Ashok Trivedi tend to write smaller checks. Match your ask to the investor's typical range, and check where your company sits among the startup stages before you pitch.
Which industries do Pennsylvania's angel investors favor?
Software and SaaS, healthcare and life sciences, and hardware or robotics come up most often among the investors on this list, reflecting Pittsburgh's robotics and life sciences base and Philadelphia's healthcare and fintech scene. Individual angels tend to be more sector-flexible than dedicated funds.
Where are most of Pennsylvania's angel investors located?
Philadelphia and Pittsburgh host the largest concentrations. Angel Match's database currently lists 500+ investors in Philadelphia and 180+ in Pittsburgh, out of 1,000+ across Pennsylvania as a whole, so those two metros are the strongest starting point for a local search.
How do I get in front of Pennsylvania's angel investors?
Angel groups like Robin Hood Ventures and BlueTree Allied Angels review companies through an application and screening process, while individual angels are usually reached through referrals. A warm introduction to angel investors from a founder or mentor in their network substantially improves your odds over a cold email.
