TEDCO names new head of Maryland Venture Fund

Following the Maryland Venture Fund’s transition under TEDCO’s purview last month, there’s now a new director of the quasi-public, early-stage funding resource.
Andy Jones is now the Managing Director of the Venture Fund, tasked with “defining MVF’s strategy and leading team members,” according to a news release. TEDCO chief Rob Rosenbaum made the announcement at last week’s Entrepreneur Expo event, and the organization made the formal announcement Tuesday.
Jones most recently ran recruiting for energy efficiency giant Kingspan, but he has startup experience. The Maryland native was a founder of High Street Partners, an Annapolis firm that handled administrative tasks for companies with overseas employees. The company was sold in 2014, and was later merged with competitor Nair to form Radius.
That was just the latest venture for the Maryland native, who has more than 30 years of business experience. He spent 15 years on the investment side with Maryland-based venture firm Grotech Ventures, and went on to form the mid-Atlantic branch of Boulder Ventures in 1999.
The Maryland Venture Fund, which was formerly under the state’s now-defunct Department of Business and Economic Development, has about $100 million in assets. Rosenbaum previously said about $80 million is invested in companies like University of Maryland BioPark-based PathSensors, social media marketing company SocialToaster and ecommerce company Bambeco. About $15 million is remaining for new deals.
MVF has typically invested in later-stage companies than the early-stage startups TEDCO focuses on. The Augustine Commission, which made recommendations to improve the state’s business climate, advised that the two entities merge.