York venture fund adds to portfolio

Martin Fedorko, left, and Alexa Born of White Rose Ventures, which has now invested in seven Central PA startups. (photo/submitted)

A York-based venture fund has added to its portfolio of regional startups as it aims to bolster entrepreneurship in Central Pennsylvania.

Which areReturnLogicEvermind and TEAMology.

What was invested: $750,000 in ReturnLogic, $250,000 in Evermind and $250,000 in TEAMology.

  • It’s not the first capital infusion for ReturnLogic or TEAMology.
  • In 2020, ReturnLogic raised $2 million from state-backed venture fund Ben Franklin Technology PartnersRevolution’s Rise of the Rest Seed fund led by former AOL exec Steve Case, and other investors.
  • Ben Franklin has invested in TEAMology, as well. The company also has drawn support from Invent Penn State and State College-based 1855 Capital.

What’s White Rose Ventures: A fund founded in 2020 by Alexa Born and Martin Fedorko as a means of funneling much-needed capital to the region’s entrepreneurs. 

  • Since its founding, the fund has invested nearly $3.2 million in local startups.
  • Other companies in the portfolio include York-based cyber security company CyberconIQ, Lancaster-based sports training technology company Reflexion and Harrisburg-based fundraising platform Pledge It.
  • Rounding out the mix is Naqi Logix. It is developing earbud technology that would allow people to control computerized devices with small gestures.

What’s next: A friends and family fund, in partnership with a nonprofit partner, Braided River Collective, headed by Born.

  • The fund’s goal is to support minority entrepreneurs who may lack access to early-stage funding through friends and family.
  • Money from social and personal connections can prove critical in the early going but is not equally available to company founders.

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