Capital Investment

The Pittsburgh Technology Council has launched FortyX80, a nonprofit group with the focus of accelerating the amount of capital investment coming into the region for innovation, startups and existing companies.

“We have incredible investors here in our region, we have a few strong venture funds, but they can only do so much” said Tech Council President and CEO Audrey Russo. “We can’t always count on them to do what needs to be done, and it wouldn’t be fair.”

The number of venture capital dollars and deals across the U.S. has been generally declining over the last several years, but Pittsburgh is bucking that trend.

“Since 2009 we’ve had the credit crisis, and probably the most severe national recession we’ve ever had, and during that period Pittsburgh has seen an increase in early stage capital and the number of financings," said Lynette Horrell, managing partner with Ernst & Young Pittsburgh. "The number of financings has grown over 50 percent.”