Ben Franklin Tech Partners: トークン化ベンチャーキャピタル

トークン化ベンチャーキャピタルの先駆け

In a landmark move for the regional venture capital sector, Ben Franklin Technology Partners (BFTP) of Southeastern Pennsylvania partnered with Securitize to launch the Global Opportunity Philadelphia Fund (“GO Philly Fund”).
This initiative represented one of the first times a state-backed economic development organization utilized blockchain technology to raise capital. By tokenizing the fund’s interest, BFTP aimed to open access to Philadelphia’s burgeoning startup ecosystem to a broader base of domestic and international investors.

「GO Philly」ファンドモデル（ファンド I）

The GO Philly Fund was designed to operate alongside Ben Franklin’s traditional investment activities. While Ben Franklin is typically restricted to investing state funds within specific guidelines, the GO Philly Fund—structured as a private limited partnership—allowed for greater flexibility.

• トークン化された構造: The fund issued “GO Philly Tokens” on the Ethereum blockchain. These digital securities represented a limited partnership interest in the fund.
• グローバルアクセス: The use of Securitize’s compliance platform allowed the fund to automate KYC/AML processes and accept capital (including cryptocurrency) from accredited investors worldwide.
• パフォーマンス: The fund successfully raised approximately $24.3 million. It deployed capital into high-growth local companies, achieving notable exits including Sidecar (acquired by Quartile) and digital health firm Tridiuum (acquired for $100 million).

テクノロジーパートナー: Securitize

The project was an early validation for Securitize, which has since grown into a dominant force in the tokenization sector. By utilizing the DS (Digital Security) Protocol, Securitize ensured that the GO Philly Tokens remained compliant with U.S. securities laws throughout their lifecycle, managing trading restrictions and investor whitelisting directly on-chain.

拡大: GO PA Fund II

Following the success of the tokenized pilot, Ben Franklin Technology Partners expanded the model. In late 2023, the organization announced the first close of the Global Opportunity Pennsylvania Fund II (GO PA Fund II), securing $28 million towards a $100 million target.
Unlike the regional focus of the first fund, Fund II is a statewide collaboration between all four Ben Franklin partners (Southeastern, Northeastern, Central/Northern, and Innovation Works in Pittsburgh). Anchor investors include Fulton Bank (FULT ), further validating the institutional appetite for these structured venture products.

なぜ重要か

The Ben Franklin case study proves that blockchain is not just for crypto-native startups. By adopting tokenization early, a traditional economic development agency was able to:

• グローバル投資家からの新たな資本を呼び込む。
• 成功したエグジット（Sidecar、Tridiuum、Clutch）を通じてリターンを創出する。
• モデルを拡大し、より大規模な州全体の投資ビークルへとスケールさせる。