HARRISBURG, PA — In a decisive effort to fortify Pennsylvania’s position in the global economy, the Department of Community and Economic Development (DCED) recently announced a $1.5 million investment through the Ben Franklin Technology Development Authority (BFTDA). This funding will be allocated to two venture capital firms dedicated to nurturing early-stage technology companies within the Commonwealth.
The strategic investment aligns with Governor Shapiro’s broader economic development initiatives aimed at transforming Pennsylvania into a hub of innovation and growth. Since the beginning of his administration, more than $3 billion in private sector investments have been generated, reflecting an aggressive approach to fostering business expansion and technological advancement.
DCED Secretary Rick Siger underscored the critical nature of these investments, stating, “Our investments in high-growth, innovative industries and firms are helping position Pennsylvania to be an economic powerhouse. Venture capital firms that finance start-up companies in the Commonwealth create opportunities for growth, innovation, and jobs in our communities. DCED is proud to continue our work with BFTDA to make this happen.”
The BFTDA funding is allocated as follows: $1 million to The Keystone Innovation Fund II, LP—a newly established entity from the merger of White Rose Ventures and 1855 Capital—focused on high-growth potential businesses in central Pennsylvania. Additionally, $500,000 is awarded to Rittenhouse Ventures III, which targets companies in Technology Enabled Services, particularly in healthcare and pharmaceutical sectors, as well as SaaS-based enterprise software firms.
Governor Shapiro’s administration has persistently championed economic strategies that enhance the state’s appeal to businesses. The 2024-25 bipartisan budget reflects this vision with significant investments, such as the $500 million commitment to site development and the launch of the Pennsylvania Strategic Investments to Enhance Sites (PA SITES) program. Further, initiatives like the Main Street Matters program and increased support for minority-owned businesses highlight a comprehensive approach to economic inclusivity and growth.
These efforts are complemented by ongoing tax reductions and credits designed to stimulate job creation and investment, reinforcing Pennsylvania’s capacity to compete on a national scale.
The commitment to fostering a robust economic environment continues to drive Pennsylvania’s ascendancy as a leader in innovation and development, with the BFTDA’s latest awards marking a pivotal step in this journey.
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