Innovate Capital Growth Fund, an SBIC fund sponsored by The Enterprise Center, has recently announced its first investment: a $2 million equity investment in EMSCO Scientific Enterprises Inc., a West Philadelphia-based distributor of research laboratory supplies and equipment. This investment in EMSCO’s growth strategy will hopefully allow the company to become a world-class distributor of choice for researchers across the globe.

EMSCO is an African-American owned enterprise which has been in business for more than 40 years. The company recently opened a new 70,000 square-foot biorepository/freezer farm facility in West Philadelphia devoted to the processing and storage of human/animal cell and tissue samples for use in cell and gene therapy and immune-oncology research.

The West Philadelphia Enterprise Center was established in 1989 with the goal of supporting minority entrepreneurs and under-resourced communities. Its Innovate Capital Growth Fund (ICGF) is an SBIC fund uniquely focused on investing growth equity in minority and women-owned lower middle market businesses. The Philadelphia City Council has supported the fund with a $1 million investment, “because we know how important it is to uplift minority-owned businesses,” according to Councilmember Jamie Gauthier.

The announcement of the $2 million investment was made at a special event on Monday at The Enterprise Center:

This morning, in front of a full house at The Enterprise Center, our sponsored SBIC equity fund Innovate Capital Growth Fund announced its first #equityinvestment of $2 million in EMSCO Scientific Enterprises Inc. !#growthcapital #philadelphia #philly #blackbusinessmonth pic.twitter.com/GTfo6qqxVS

— The Enterprise Center (@PhilaTEC) August 5, 2024