A fintech startup, a meat processing plant and a biotech lab are the latest companies to expand in Delaware.
The moves are expected to bring more than 600 new jobs to the state over the next few years.
The news was announced this week by Delaware Prosperity Partnership, the nonprofit state economic development agency that leads Delaware’s economic development efforts to attract, grow and retain businesses.
Investor Cash Management is a Chicago-based Visa Ventures company founded in 2018 that is moving to Wilmington and opening a new $15.37 million headquarters and customer service center. The early-stage digital fintech company, which transforms securities into digital transaction currencies, currently employs 30. But it has big plans to grow its workforce, projecting the creation of 395 new jobs over the next three years.
Analytical Biological Services Inc. (ABS), a member of Delaware’s growing life sciences sector, is expanding in New Castle County. It’s leasing and retrofitting 30,000 square feet of a 48,000-square-foot office building that will be purchased by ABS BioAccelerator LLC, a separate but related entity.
ABS leadership has requested a Performance Grant of $262,260 and $1 million from Delaware’s relatively new Lab Space Grant incentive program to create 36 full-time jobs that will prioritize qualified Delaware residents in the hiring process. These new roles will double its current workforce.
Finally, B&M Meats, a meat processing company that produces frozen raw beef and chicken for cheesesteaks, is expanding in Wilmington with a new $18 million, 80,000-square-foot production facility that will add 190 new jobs over the next several years.
The company currently employs 98 people in Wilmington and will use a Performance Grant of $195,975 to add 70 jobs to its existing Commerce Street location. Another 120 jobs will be created with a second Performance Grant of $359,450.
The new facility will be located on 10 acres along the 7th Street Peninsula, built with support from a Capital Expenditure Grant of $555,300. It is expected to open it in late 2023 or early 2024.