Doylestown Business Gets $1M In State Funding

DOYLESTOWN, PA — Governor Tom Wolf has announced his approval of $3 million in funds for investments towards start-up companies in Pennsylvania, including $1 million for a Doylestown business.

The funds will aid technology-based companies in the state so that they can compete on in the global marketplace, according to Dennis M. Davin, Secretary of the Department of Community and Economic Development.

One of the companies receiving this funding will be Hatch BioFund, a Doylestown-based early stage life sciences venture fund that will receive $1 million of the funds.

Hatch BioFund is a companion fund to the Pennsylvania Biotechnology Center (PABC), a life science incubator located in Bucks County. It also works with the Center for Cancer and Regenerative Medicine, which will begin operations in December. The two incubators will hold up to 40 companies that will work with Hatch Biofund.

The three organizations are subsidiaries of Baruch S. Blumberg Institute, a non-profit research entity established by the Hepatitis B Foundation.

The Philadelphia-based Rittenhouse will receive $2 million for a variety of services, including healthcare, financial services, and human resources.

The funding will come directly through the Ben Franklin Technology Development Authority (BFTDA) to help tech companies in southeastern Pennsylvania compete with other related companies and to help the state's tech-based economy.