NewSpring, a venture capital group based in Radnor, is increasing its local presence by doubling its office space and investing in area companies, writes Joseph DiStefano for the Philadelphia Inquirer.
The company has also promoted Jon Schwartz, its chief financial officer, to president and COO. The expansion comes as the firm has nearly tripled its headcount from 10 years ago.
In the past 17 years, NewSpring has invested around $1.7 billion in more than 140 firms, and so far, it has returned nearly $1 billion to its clients. This year, NewSpring is investing closer to home, with five of its ten most recent investments within two hours of the firm’s office.
The latest cluster of companies follows NewSpring’s pattern of investing in a mix of physical manufacturing, software, and services. But the company’s approach is labor-intensive.
“We have to be out there meeting with the entrepreneurs, and bringing companies up to a larger scale, and that takes resources,” said founder Mike DiPiano. And while “we have a lot of companies coming in to meet here. We have a lot more conference rooms now.”
Read more about NewSpring in the Philadelphia Inquirer by clicking here.