Wolf Administration: $ 3 Million Funding for Start-Up Investments | WTAJ
Harrisburg, Pa. (WTAJ) – Department of Community and Economic Development (DCED) Secretary Dennis Davin today announced approval of $ 3 million in funding through Ben Franklin Technology Development Authority (BFTDA) for Hatch BioFund GP, LLC and Rittenhouse GP III, LLC to fund technology start-ups in southeastern Pennsylvania.
“Today’s investments are critical as we continue to build Pennsylvania’s tech economy and maintain our ability to compete in the global market,” said Sec. Davin. “This funding supports a thriving entrepreneurial environment and advances technological innovation in the Commonwealth – creating new jobs and opportunities for communities and making Pennsylvania the best place to live, work and play.”
Philadelphia-based Rittenhouse has been granted $ 2 million loan which will invest in fast-growing technology business services companies, with a particular focus on healthcare, financial services, human resources and enterprise software companies. The firm plans to invest up to $ 4 million per company and will ultimately support 12 to 15 start-ups. Rittenhouse will maintain an office at the Philadelphia Navy Yard and will continue to collaborate with the Ben Franklin Technology Partners of Southeastern PA, as they have done for the past decade.
Additionally, a $ 1 million loan was pledged on behalf of Hatch BioFund, based in Doylestown, Bucks County. This newly organized fund is established alongside two state-based life science incubators – the Bucks County PA Biotechnology Center and the Center for Cancer and Regenerative Medicine – the latter is expected to begin operating in December 2021. two incubators will house up to 40 companies and serve as feed generators for Hatch BioFund. All three organizations are subsidiaries of the Baruch S. Blumberg Institute, a non-profit research entity created in 2003 by the Hepatitis B Foundation.
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