Ben Franklin Technology Partners is investing a combined $ 225,000 in two Lancaster County-based startup companies that will assist in the development of a new product, process, or software application.
Lancaster city-based SnapHealth, which helps consumers understand and select health insurance plans through a self-guided web application that narrows their choices to three recommended plans, will receive $ 125,000.
East Lampeter Township-based Sustainable Composites, which uses an environmentally certified process to create an alternative to traditional leather using recycled leather, will receive $ 100,000. A Ben Franklin spokesperson said the seed investor has previously invested around $ 400,000 in Sustainable Composites.
SnapHealth and Sustainable Composites are among 12 central and northern Pennsylvania startup companies approved for a combined nearly $ 1 million in funds this month, according to a Ben Franklin spokesperson.
Ben Franklin Technology Partners is the largest seed investor in the region, according to its website, which also states it has invested in tech startups and small manufacturers for nearly 40 years. It is an initiative of the Pennsylvania Department of Community & Economic Development and funded by the Ben Franklin Technology Development Authority.