Nonprofit looking to fund 'creative economy businesses'

Innovation Philadelphia said Thursday it is launching a fund to make seed and early-stage investments in what it calls "creative economy businesses" in the Philadelphia area.

The economic-development nonprofit, which was formed and is mostly funded by the city of Philadelphia, said the Creative Economy Investment Fund will make investments ranging from $25,000 to $150,000. The investments will be debt, equity and combinations of the two, depending on the needs of the companies in which the fund is investing.

Innovation Philadelphia said it plans to invest in at least three businesses by the end of the year. Types of businesses in which it will invest include architecture, communications, design and merchandising, digital media, engineering, fashion design, music, video, film and film production. Also: graphic arts, information technology, interior and industrial design, marketing, multimedia design, photography, planning, product design and software development.

Investment applications and guidelines are on Innovation Philadelphia's Web site, www.innovationphiladelphia.com .