Philadelphia's startup ecosystem thrives on a strong Life Sciences sector, world-class research institutions, and a growing venture capital network. The collaborative spirit in the ‘city of brotherly love and sisterly affection’ will ensure it continues to thrive and serve as the key economic and innovation engine for the entire Commonwealth. In 2024, startups in the region secured a total of $3.3 billion in investment across 444 deals, marking a 37.5% increase from the previous year.
Governor Shapiro has proposed a new, $50 million innovation fund in his 2025-26 budget that will support the next generation of innovators. Philadelphia Mayor Cherelle L. Parker signed the PHL Open for Business Executive Order in February 2025, asking all city departments to streamline the ease of doing business. In conjunction with the order, the Department of Commerce announced the launch of the $5 million Philadelphia Small Business Catalyst Fund to accelerate growth of high-potential startups and entrepreneurs.
Philadelphia offers diverse funding support for startups, fueling growth across industries. In March 2025, the Science Center selected 10 HealthTech startups for the seventh cohort of its Capital Readiness Program. Since its launch, alumni companies have raised over $35 million and introduced two dozen investors representing over $3 billion in venture capital to the Philadelphia market. In September 2024, Ben Franklin Technology Partners of Southeastern Pennsylvania’s GO PA Fund invested $2 million of its $35 million Fund in Medtech software startup Rimsys as part of a $5 million round led by Bessemer. Drexel University's Close School of Entrepreneurship again offered its Venture Capital Due Diligence course, awarding winners $150,000 in seed funding from the Drexel University Innovation Fund.
