Accelerating Pennsylvania Innovation
A Pennsylvania Capital Alliance
The Keystone Innovation Fund II brings together three of Pennsylvania’s most active early-stage investors to form a powerful, enduring capital alliance. By combining the networks, deal flow, and operational expertise of White Rose Ventures, 1855 Capital, and Ben Franklin Technology Partners, the Fund is uniquely positioned to uncover and accelerate the state’s most transformative companies.
Pennsylvania is home to world-class research universities, a deep talent pool, and a growing ecosystem of high-growth startups — yet it remains dramatically undercapitalized relative to coastal markets. That gap is our opportunity.
$12M
Average Seed Valuation
in Pennsylvania
vs. $22M in NYC · $42M in San Francisco
5.8×
Return Multiple in Equivalently
Constructed PA Funds
vs. 2.9× in San Francisco · 1.5× in NYC
$30M
Target Fund Size
Investing $250K–$750K per company
Source: Crunchbase 2020–2023 · Rex Woodbury, Seed Investing: The State of the Union
A seed and early-stage venture capital fund investing in companies in the Penn State University community and alumni network, driving entrepreneurial outcomes across the Commonwealth. 1855 Capital manages the $11.3M Fund I with 15 portfolio companies that have attracted approaching $100M in total investment.
A network-driven venture firm working with investors and founders to deliver solutions that promote entrepreneur-led innovation throughout Pennsylvania. White Rose manages the $11.9M White Rose Impact Fund with 12 portfolio companies and $7M deployed.
Pennsylvania’s most active pre-seed investor, providing critical funding, business and technical expertise, and access to a statewide network of resources for early-stage companies — investing prior to and alongside both firms.
By aligning with Ben Franklin Technology Partners — known for providing early checks into emerging companies — the Fund significantly mitigates investment risk while maintaining access to the best deals across every corner of the state.
The lack of early-stage capital throughout Pennsylvania creates a distinct advantage for patient, locally-rooted investors. We find transformative, undervalued companies that coastal funds simply never see.
The combined networks of White Rose Ventures and 1855 Capital, backed by Ben Franklin, create a formidable and enduring investment apparatus. This alliance uses its full network to attract additional investment partners to create strong, value-added syndicates for each portfolio investment.
Managing Partner, 1855 Capital Fund I
matt@1855capital.com
Managing Partner, White Rose Impact Fund
martin@whiteroseventures.com
The Keystone Innovation Fund II is accepting commitments from accredited investors. A dedicated fund website with full investor materials is coming soon.