The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP), part of a four-center economic development initiative of the Pennsylvania Department of Community and Economic Development, recently announced $486,250 in investments in Pennsylvania companies.
The announcements include three early-stage company investments provided in the form of loans with warrants. The investments will be provided to HootBoard, Rocket Board, Inc. and Universal Cross-Connection Control.
Ben Franklin also announced eight established manufacturer company investments, which will provide 1:1 matching funding for work with a college or university partner on technology-based manufacturing innovation. The investments will be provided to B. Braun Medical, Inc.; Effort Foundry, Inc.; Freshpet, Inc.; Heyco Metals, Inc; PhytogenX, Inc.; Rea.deeming Beauty, Inc.; SOLO Labratories, Inc.; and Vastex International, Inc.
BFTP also invested a total of $50,000 in the business incubators that comprise the Ben Franklin Business Incubator Network.
Since 1983, BFTP/NEP has helped create more than 18,000 new jobs in Pennsylvania and retain nearly 32,000 existing jobs. The entity has also helped start 511 new companies and develop 1,733 new products and processes. BFTP/NEP clients have generated $1.5 billion in follow-on funding since 2007.