Top 8 VC Firms in Pennsylvania Who Invest in Software Startups

Despite Pennsylvania attracting over $3.6 billion in venture capital funding in 2023 (the software sector accounting for nearly 40% of the total), many founders still waste time pitching to firms that don’t align with their vision.

The solution?

It’s to focus on VC firms with identical business interests, a proven track record of backing relevant businesses, and a specialization in the software sector.

In this guide, we’ve handpicked the top 8 VC firms in Pennsylvania that invest in software, so you can stop guessing and start pitching smart.

Top 8 VC Firms in Pennsylvania Who Invest in Software Startups

Here’s a quick table to sum up the list of top investors in Pennsylvania:

Ben Franklin Technology Partners

• Website: benfranklin.org
• Focused Sectors: : Early-stage technology firms and established manufacturers.
• Funding Stages: : Seed and early-stage investments.
• Notable Investments: Not publicly listed.
• Total Investments: Invested in over 4,500 companies across Pennsylvania.

Established in 1983, Ben Franklin Technology Partners (BFTP) is a Pennsylvania-based initiative aimed at creating innovation and economic growth through the support of technology-driven startups.

BFTP focuses on early-stage companies that demonstrate innovative solutions. The investors usually prefer businesses that have strong:

1. Innovation
2. Market Potential (Companies targeting sizable and growing markets)
3. Management Team
4. Economic Impact

The investment range of BFTP lies between $50,000 to $250,000.

NewSpring Capital

• Website:  newspringcapital.com
• Focused Sectors: : Business services, healthcare, technology, and manufacturing.
• Funding Stages: Growth equity, control buyouts, mezzanine debt.
• Notable Investments: Mobiquity, SiteSpect, Vybe, ParkWhiz.
• Total Investments: : Over 250 investments.

Founded in 1999 by a team including Stephen M. Zarrilli, Marc Lederman, and Michael DiPiano, NewSpring Capital is a prominent private equity and venture capital firm.

Their investment criteria focus on companies that have scalable business models and solid plans to outperform their competitors. They prefer to invest in sectors such as technology, healthcare, and business services, with an interest in software startups that address modern technological challenges.

The investment range of NewSpring Capital is around $20M.

First Round Capital

• Website: firstround.com
• Focused Sectors: Technology startups across various industries.
• Funding Stages: Seed-stage investments.
• Notable Investments: Uber, Square, Notion, Roblox, Warby Parker.
• Total Investments: Over 300 companies backed.

First Round Capital is a venture capital firm headquartered in Philadelphia, Pennsylvania.

The firm focuses on seed-stage investments, typically providing initial funding to help startups develop their products and find market fit. In the tech sector, First Round Capital looks for startups in the sector:

1. Artificial Intelligence and Machine Learning: Using AI/ML to create innovative solutions.
2. Fintech Innovations: Developing new financial technologies to improve services.
3. Healthcare Technology: Creating digital health solutions for better patient care.
4. Enterprise Software: Building tools that enhance business operations.

The average check size of First Round Capital is around $2M.

Genacast Ventures

• Website: genacast.com
• Focused Sectors: B2B technology startups, including SaaS, ad tech, big data, and IoT.
• Funding Stages: Seed-stage investments.
• Notable Investments: Invite Media (acquired by Google), Zapata Computing.
• Total Investments: Approximately 20+ investments since inception.

Founded in 2008 by seasoned entrepreneur Gil Beyda, Genacast Ventures is a seed-stage venture capital firm with offices in New York City and Philadelphia.

The firm focuses on investing in B2B technology startups across the northeastern United States. Investors usually look for founders with a strong execution capability and business models that can achieve success without excessive capital.

To date, Genacast Ventures has made 35 investments and achieved 14 successful exits.

They usually invest up to $1 million in seed-stage rounds, either independently or as part of larger funding rounds up to $2 million.

SeventySix Capital

• Website: seventysixcapital.com
• Focused Sectors: Sports, media, and entertainment companies.
• Funding Stages: Seed and early-stage investments.
• Notable Investments: N3rd Street Gamers, ShotTracker, U.S. Integrity.
• Total Investments: Over 30 portfolio companies.

Founded in 1999 by Wayne Kimmel, SeventySix Capital is a venture capital firm based in Pennsylvania that specializes in investing in startups at the nexus of sports, esports, sports betting, and technology.

Kimmel recognized as a Sports Tech Power Player in 2022, established the firm to support visionary entrepreneurs driving innovation in these sectors.

Collectively, the firm's portfolio companies have raised over $5 billion for such companies. Their investor panel prioritizes businesses targeting large and growing markets within sports and tech sectors (capable of generating at least 5-10x ROI)

The investment range of SeventySix Capital lies between $250,000 to $1M.

Riverfront Ventures

• Website: riverfrontventures.com
• Focused Sectors: Early-stage technology companies in southwestern Pennsylvania.
• Funding Stages: Seed and early-stage investments.
• Notable Investments: Aethon, NoWait, JazzHR.
• Total Investments: Approximately 20 investments.

Established in 2013, Riverfront Ventures is a Pittsburgh-based venture capital firm dedicated to investing in early-stage, high-growth technology companies within Southwestern Pennsylvania.

To date, Riverfront Ventures has made 28 investments and achieved 10 successful exits. They focus on technology companies with high market potential and passionate founding teams, with most of their investments through fundraising events.

The firm typically co-invests with other venture capital firms, providing initial investments ranging from $500,000 to $750,000, with total investments potentially reaching $1.5 million over time.

LLR Partners

• Website: llrpartners.com
• Focused Sectors: Technology, healthcare, education, and financial services.
• Funding Stages: Growth equity, recapitalizations, and buyouts.
• Notable Investments: Edlio, Numotion, TrueCommerce.
• Total Investments: Over 100 investments

Founded in 1999, LLR Partners is a Philadelphia-based private equity firm specializing in growth capital investments for middle-market companies.

LLR Partners has invested in over 100 companies since its inception. The team targets companies with a strong focus on profitability and experienced founders. They look for businesses that already have stable roots in the industry and want to further expand.

The firm typically invests in businesses with revenues between $10 million and $100 million, providing capital for expansion, acquisitions, and other growth initiatives.

Rittenhouse Ventures

• Website: rittenhouseventures.com
• Focused Sectors: B2B software solutions in healthcare, life sciences, HR, and business services.
• Funding Stages: Early-stage and emerging growth investments.
• Notable Investments: WealthHub Solutions, Pieces Technologies.
• Total Investments: Over 40 companies

Founded in 2006 by Saul Richter, Rittenhouse Ventures is a Philadelphia-based venture capital firm that specializes in early-stage investments in B2B software companies.

Having a focus on the Mid-Atlantic region, the firm aims to support startups that are addressing critical challenges in sectors such as healthcare, financial services, and enterprise infrastructure.

Rittenhouse Ventures targets early-stage B2B software companies. They prefer to invest in companies that have achieved some level of market validation and are poised for significant growth.

The investment range of Rittenhouse Ventures is around $10M.

Robin Hood Ventures

• Website: robinhoodventures.com
• Focused Sectors: High-growth startups across various industries in the Greater Philadelphia region.
• Funding Stages: Seed and early-stage investments.
• Notable Investments: Specific notable investments not publicly listed.
• Total Investments: Over 50 companies since 1999.

Funding startups for over 2 decades now, Robin Hood Ventures is a Philadelphia-based angel investment group dedicated to supporting early-stage, high-growth companies.

Plus, the firm highly focuses on early-stage companies with strong management teams, scalable business models, and innovative solutions addressing substantial market needs.

The group typically invests in companies seeking seed or Series A funding rounds.

The investment range of Robinhood Ventures ranges between $250,000 to $1M.

Wrap-Up:

And that’s the end of our list of the top 8 investors in Philadelphia who fund software startups. But great research doesn’t stop at websites and portfolio lists.

Here are 3 underrated ways to go deeper and slam that confirmation call for your startup funding:

1. Check the VC firm’s panel LinkedIn profiles. You’ll often find personal interests, recent activity, or side projects that don’t show up on official bios.
2. Attend events where they hang out. Local pitch nights, demo days, or even university panels are perfect for informal intros.
3. Carry a smart business card. A casual “Here’s what I’m building” moment can leave a mark when paired with a crisp QR code or one-liner.

Knowing who writes the check is one thing. Knowing how to get their attention, that’s your edge.