The second edition of a VC fund to provide investments for Baltimore tech companies was officially launched last week.
The Propel Baltimore Fund II currently has $4.45 million, according to an SEC filing. Up to $15 million could be raised, the filing states.
The fund, which is backed by large foundations and corporations, is designed to help companies who are past the “friends and family” and seed rounds. That is the point where companies often consider leaving the city.
Money from the fund has also spurred companies like edtech startups Citelighter and Three Ring to move to Baltimore.
Propel I made a total of 10 investments.
“Propel II has increased the number of new Limited Partners, to include several new foundations, corporations and private investors,” said Managing Partner Chris College of Columbia-based TCP Venture Capital, which manages the fund. “Propel II was raised quickly as a result of the success of Propel I, and the momentum of new jobs and economic development that it has created in the City of Baltimore.”
College declined to name the foundations and companies backing the fund. The Abell Foundation and France Merrick Foundation were the lead investors in the first fund. Back in June, the Sun reported that Propel II was in the works.