And the first investment from the city's first major foray into the world of venture capital investing is ... Real Food Works.
Mayor Michael Nutter announced Thursday morning that the health food startup would be receiving $200,000 from the $6 million StartUp PHL Seed Fund.
Real Food Works, a 10-person company that moved into Philadelphia from Conshohocken last summer, works with local restaurants to prepare healthy meals. The meals are then delivered to Real Food Works customers via courier. The company launched in May of 2012.
"The goal of Startup PHL is to help innovative new companies to start and grow in Philadelphia, and this investment in Real Food Works is an example of that strategy," Nutter said in a statement.
It may strike some as an odd choice for a fund dedicated to backing IT-based startups. The seed fund is managed by First Round Capital, which put up $3 million to match the city's investment.
"Real Food Works is tapping into an important trend of healthier eating," said Josh Kopelman, First Round Capital's managing partner. "The company's scalable model and technology promises great growth."
We'll have more on this story later today.
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It's the first investment from the StartUp PHL Seed Fund, but another smaller pot of money associated with the program has already funded tech internships for local college students, among other things.