Wolf Administration Announces $3 Million in Funding for Investments in Start-Up Companies
Harrisburg, PA – Department of Community and Economic Development (DCED) Secretary Dennis Davin today announced the approval of $3 million in funding through the Ben Franklin Technology Development Authority (BFTDA) to Hatch BioFund GP, LLC and Rittenhouse GP III, LLC to fund early-stage technology companies in southeastern Pennsylvania.
“Today’s investments are critical as we continue to establish Pennsylvania’s technology-based economy and maintain our ability to compete in the global marketplace,” said Sec. Davin. “This funding supports a thriving entrepreneurial business environment and advances technology innovation in the commonwealth – bringing new jobs and opportunities to communities and keeping Pennsylvania the best place to live, work, and play.”
A loan of $2 million was awarded to Philadelphia-based Rittenhouse, which will invest in fast growing tech-enabled business service companies with a special emphasis on healthcare, financial services, human resources and enterprise software companies. The firm plans to invest up to $4 million per company and will ultimately back 12 to 15 start-ups. Rittenhouse will maintain an office presence 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 loan of $1 million was committed on behalf of Doylestown, Bucks County-based Hatch BioFund. This newly organized fund is being established alongside two state-based life science incubators – the PA Biotechnology Center of Bucks County and the Center for Cancer and Regenerative Medicine – the latter being slated to begin operating in December 2021. Both incubators will house up to 40 companies and will serve as dealflow generators for Hatch BioFund. All three organizations are subsidiaries of Baruch S. Blumberg Institute, a non-profit research entity established in 2003 by the Hepatitis B Foundation.
Penny Ickes, DCEDPRESS@pa.gov