GEMMABio rakes in $34M raise, a huge boost to the Philly life sciences scene
GEMMA Biotherapeutics raised $34 million at the end of 2024, one of the region's biggest raises last quarter. Plus, one of UCity Square's buildings in University City is getting a $28 million renovation.
The city is also investing in digital upskilling. The Digital Literacy Alliance, a city-run coalition of digital equity stakeholders, chose six organizations to give $205,000 for digital equity resources and Pennsylvania is giving $1 million to Philly orgs for workforce development programming.
Get all the details on the latest money moves below the chart, where we look at the top 10 companies hiring for tech jobs in the Philadelphia market and how that's changed.
GEMMA Bio raises $34 million for gene therapy innovation
Gene therapy company GEMMA Biotherapeutics announced it raised a $34 million seed round at the end of December. This raise was the fifth top deal in the region last quarter, according to Pitchbook's quarterly Venture Monitor report.
Double Point Ventures, Bioluminescence Ventures and Earlybird Venture Capital co-led the round, with additional investment from Savanne Life Sciences. The funding will support the company's ongoing research into gene therapies for rare diseases.
"We are confident that GEMMABio's patient-centered approach will not only deliver life-saving gene therapies to those who need them most but also drive meaningful value for shareholders,' said Campbell Murray, senior partner at Bioluminescence Ventures.
$205k for digital skills programming across Philly
The City of Philadelphia's Digital Literacy Alliance awarded over $200,000 to six local organizations for digital inclusion work during its fall 2024 grant cycle.
Asian Americans United and Center in the Park each received $30,000 to increase the amount of digital skills classes they offer. Health Federation will use $40,000 to place digital health navigators in local healthcare orgs, and Philly Community Wireless got $40,000 to host town halls about community-controlled Wi-Fi networks.
Temple University Community Gateway's $40,000 grant will be put toward developing a gamified digital skills course called the 'Digital Inclusion Discovery Passport.' The Welcoming Center will combine its $15,000 from the DLA with a $25,000 award from AT&T to support digital literacy programming for immigrants and refugees.
'This funding supports the growth of the valuable ecosystem of local residents helping their neighbors, friends, and family members get connected to the City's Digital Equity programs,' said Melissa Scott, CIO at the City of Philadelphia. 'The Digital Literacy Alliance has a vision where all Philadelphians have reliable access to technology, digital skills and are empowered to leverage those tools for a better life.'
A $28M upgrade to the UCity Square building
Real estate company Wexford Science and Technology plans to invest $28.5 million into renovating 3711 Market Street, a 10-story, 150,000-square-foot life science building in University City.
3711 Market Street, the UCity Square building, offers lab and office spaces for life sciences companies that are move-in ready. The renovations will include updated HVAC and backup-power systems, a redesigned lobby and more lab and office spaces.
'3711 Market is a unique asset in the market,' said Jamie Doran, Partner at architectural firm JacobsWyper Architects. 'In a capital environment where every dollar matters, 3711 Market's existing lab infrastructure is a huge advantage for companies that want to move quickly and minimize the exposure of expensive new construction fit outs.'
Companies like Spark Therapeutics, Integral Molecular and Spirovant Sciences once called the building home.
$1M from the commonwealth for workforce development
The Pennsylvania Department of Labor and Industry announced $5 million in industry partner grants to organizations across the commonwealth, including $1 million for workforce development programs in Philly.
The Industry Partnership program specifically focuses on organizations in agriculture, information technology, healthcare, transportation, and manufacturing operations.
'Through collaboration with local employers, educators and community organizations,' said Nancy Walker, Department of Labor and Industry secretary. 'We can enhance training opportunities for our workers, help address the needs of high-demand industries within our communities and ultimately drive economic growth across the commonwealth.'
In total, three Philadelphia orgs received funding.
Philadelphia Works received $250,000 to support the PHL Tech Partnership, an initiative focused on increased tech training and related job opportunities. The workforce development board was awarded another $250,000 for the Southeastern Pennsylvania Manufacturing Alliance to attract and retain talent.
Education nonprofit Elevate 215 will get $250,000 to support the Philadelphia Citywide Talent Coalition – Education Industry Partnership and its TeachPHL platform. The Skills Initiative, formerly the West Philadelphia Skills Initiative, will use $250,000 to establish the Keystone Healthcare Collaborative to provide healthcare workforce training.
More money moves:
The National Telecommunications and Innovation Administration selected the City of Philadelphia to receive a $11.9 million digital equity competitive grant. The funding will support laptop kiosks, esports centers and an internet subsidy pilot.
Malvern-based Galera Therapeutics acquired New York-based biotech company Nova Pharmaceuticals. The company shifted its focus from reducing radiation therapy toxicity to breast cancer treatments.
South Korea-based HLB Innovation acquired Penn spinout Verismo Therapeutics. The cell therapy company is developing CAR T cell therapies for solid tumors and blood cancers.
The University City Science Center will receive almost $250,000 from the Pennsylvania Commission on Crime and Delinquency, as part of an initiative to expand after-school and summer programming for youth. The funding will support the Science Center's STEM education program FirstHand.
King of Prussia-based chemical development company Arkema received more than $2 million from the Department of Energy to develop and manufacture flow battery systems.
Sarah Huffman is a 2022-2024 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Lenfest Institute for Journalism.
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