LANCASTER — Fulton Bank, a subsidiary of Fulton Financial Corp. is investing up to $10 million in the GO PA Fund, a venture fund launched for Pennsylvania-based technology companies, the bank announced Tuesday.
“The life sciences and technology sectors are thriving across Pennsylvania. Fulton’s investment in this fund represents our commitment to supporting these growing sectors in Pennsylvania communities,” Lou Lombardi, regional commercial executive for the Lancaster-based Fulton Bank, said in a statement.
The GO PA Fund was formed by Ben Franklin Technology Partners of Southeastern Pennsylvania, a Philadelphia-based technology-based economic development program — one of four regional Ben Franklin Technology Partners organizations.
The fund will primarily invest in follow-on investments selected from more than 600 current and future portfolio companies across of the Ben Franklin statewide network, according to a press release. The network serves Southeastern Pennsylvania, Northeastern Pennsylvania, Central and Northern Pennsylvania, and Southwestern Pennsylvania.
“Fulton Bank has always been committed to innovation, while also staying focused on helping companies in Pennsylvania thrive, so we’re delighted that they are an anchor investor in the GO PA Fund,” Scott Nissenbaum, president and CEO of Ben Franklin, said in a statement. “Their partnership with Ben Franklin and commitment to the GO PA Fund is a welcomed sign of confidence to our current and future partners that the future is bright for Pennsylvania’s innovation economy.”
The GO PA fund has so far raised a total of $30 million, with Fulton as one of its anchor investors.
Since its inception, Ben Franklin has supported more than 2,000 companies to deliver an impact of more than $5 billion and 32,000 jobs in the Philadelphia region. Growth-stage technology companies can visit https://benfranklin.org/ to learn more about the fund.
Fulton Bank’s life sciences & technology specialty banking team provides banking services to the type of companies supported by the GO PA fund, according to the company. The bank has several other specialty banking teams focused on major industries, including agriculture and healthcare banking.
With its headquarters in Lancaster, Fulton Bank operates more than 200 financial centers across Pennsylvania, including locations in Berks, Chester Delaware and Montgomery counties; as well as New Jersey, Maryland, Delaware and Virginia.