The firm was created through a collaboration between the City of Philadelphia Department of Commerce and the Philadelphia Industrial Development Corporation, with the goal of supporting the city's growing entrepreneurial community. StartUp PHL focuses on investing in companies operating in the software, big data, food, consumer products, and information technology sectors, with a particular emphasis on those that can bring new vitality to the city's neighborhoods. By providing funding and resources to these startups, StartUp PHL aims to help them grow and succeed, while also contributing to the overall economic development of the city.