Rittenhouse, with $18M more, backs 7 Philly-area tech firms (Update: WealthHub adds $1.6M)
Health, training, finance
Rittenhouse Ventures today said it has completed raising $18 million for its second regional software firm investment fund, Rittenhouse Fund II.
Rittenhouse II has already made seven investments:
GSI Health, a Philadelphia healthcare-management software maker;
Kynectiv, a Chadds Ford training simulation software maker;
Workplace Dynamics, an Exton employee survey firm;
Life.io, a Center City firm that helps insurers track policyholder "life" events;
Haystack Informatics, a University City patient privacy "threat assessment" firm;
WealthHub Solutions, a Conshohocken cloud-based trust-banking software firm; KickUp, a Philadelphia-based teacher-training firm.
UPDATE: in a statement Friday, WealthHub boss Jim Marks said his firm has raised $1.6 million from Rittenhouse, Ben Franklin Technology Partners (one of Rittenhouse's backers) and other investors.
EARLIER: Run by Bruce Luehrs and Saul Richter, investors in Rittenhouse Fund II include state-funded Ben Franklin Technology Partners and Innovate in PA, plus local angel investors. The company's two funds have made a total of 18 investments in firms with $1 million+ in annual recurring sales.
Rittenhouse Fund I investments included Tabula Rasa Healthcare, Core Solutions, Halfpenny Technologies, and Take the Interview.