Quorum Inks $1M Seed Round

Quorum, an “entrepreneurs’ clubhouse” aimed at connecting entrepreneurs with investors and business advice, has raised more than $1 million from The University City Science Center, it announced Friday. Recent commitments made by Morgan Lewis, NewSpring Capital, Quaker Partners and Safeguard Scientifics triggered a challenge grant presented by the University of Pennsylvania, it said.

PRESS RELEASE
The University City Science Center has raised more than $1 million for Quorum, the entrepreneurs’ clubhouse, and has officially surpassed its Open the Doors Campaign goal. Recent commitments made by Morgan Lewis, NewSpring Capital, Quaker Partners and Safeguard Scientifics triggered a challenge grant presented by the University of Pennsylvania, enabling the Science Center to close its first major fundraising campaign in its 50-year history.

“These five dynamic players in the entrepreneurial ecosystem embody Quorum’s goal of connecting entrepreneurs and innovators to investors and advice. With the involvement of firms such as NewSpring Capital, Quaker Partners and Safeguard Scientifics, we’re incorporating another component essential to the startup community – funding – into Quorum’s DNA,” says Science Center President & CEO Stephen S. Tang, Ph.D., MBA.

Recognizing that the Science Center was embarking on one final push to close the Open the Doors Campaign, three University of Pennsylvania offices – The Perelman School of Medicine, the Office of the Vice Provost for Research, and the Office of the Executive Vice President – joined forces to offer the challenge grant to help the Science Center meet its $1 million goal.

“Our premise that Quorum would become a clubhouse for entrepreneurs has been validated,” says Craig R. Carnaroli, Chairman of the Science Center Board of Directors and Executive Vice President of the University of Pennsylvania. “Quorum is enhancing the vitality, creativity and entrepreneurial spirit of the neighborhood and the region.”

Support from a total of 34 sponsors has allowed the Science Center to develop programming specifically designed to connect entrepreneurs with the people and resources necessary to help grow their ideas and businesses, ultimately creating jobs that positively impact the region’s economy. Since the launch of Quorum in 2011, more than 12,000 entrepreneurs, scientists, programmers, resource organizations and business leaders in the region have attended more than 250 events held in the space.

“We may have reached our Open the Doors campaign goal, but our work is not over,” Tang says. “We’re now focused on converting our inaugural sponsors into annual supporters of Quorum so we can continue to support entrepreneurs and innovators for years to come.”