FanDuel rising, with some local investment ties

Tom Paine

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Dan Primack of Fortune reports that FanDuel, the New York-based real money fantasy sports site, may be on its way to the Unicorn club (billion dollar private valuation) based on a round it is considering seeking.

Five months ago, FanDuel raised $70 million from an investor group that included Shamrock Capital Group and Kohlberg Kravis Roberts & Co. at a $400 million pre-money valuation, according to a Fortune source.

It has some local connections in terms of investors: Comcast Ventures, Doylestown resident Paul Martino's (he's bicoastal) Bullpen Capital, and Kenexa founder Rudy Karsan's Karlani Capital.

Safeguard Scientifics moving corporate headquarters to Radnor, leaving behind memorable history

Tom Paine

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Safeguard Scientifics announced this morning that it is moving its headquarters from Devon Park Drive in Wayne to Radnor Financial Center on Radnor Chester Road in Radnor. The move will occur during the fourth quarter of 2015 following the expiration of its current lease, the company says.

Although geographically the two locations are not that far apart (though its rarely a simple drive on suburban roads), the key to the move, aside from the company's changing real estate needs, would appear to be the new location's proximity to the Blue Route (476), as well as the regional SEPTA line.

“The Greater Philadelphia area is experiencing robust growth—evidenced by the fact that entrepreneurs and venture capital firms alike are establishing and maintaining their roots here,” said Stephen T. Zarrilli, President and CEO of Safeguard in a statement. “We believe that our new headquarters provides us better access to early- and growth-stage healthcare and technology companies and will more closely align with our vision to support innovation and entrepreneurship in the 21st century.”

Safeguard Scientifics website

The legacy of Safeguard's longtime Wayne headquarters, and associated firms that used to surround it, is a significant one, both for positive and negative reasons. Safeguard indeed has played a unique role in developing the region's and nation's technology sector.

This 1996 article from the Inquirer describes Safeguard near the height of its influence:

"But this is Philadelphia in the '90s, and to see what is really shaping the future you have to leave Center City, navigate the construction-plagued spaghetti bowl around Valley Forge, and turn into the relatively nondescript office park that houses Safeguard Scientifics Inc."

This was before the tech bubble crash of 2000-2001, and the overreaching and perhaps hubris (not that Safeguard was alone in this) that nearly destroyed the company. What happened to Verticalnet was the most extreme example of the times.

Now slimmed down, focused and efficient, Safeguard came back from its near-death experience. But I'm sure many dramatic memories will be left behind on Devon Park Drive.