BandHappy receives first Propel Baltimore funding of $100K from TEDCO - Technical.ly Baltimore

Business

Apr. 3, 2013 10:30 am

BandHappy receives first Propel Baltimore funding of $100K from TEDCO

Another $120,000 will be doled out as BandHappy hits "certain benchmarks," said cofounder Jonathan Rivlin in an email.
BandHappy received the first check cut from the Propel Baltimore fund in 2013. Left to right: TEDCO Managing Director Randy Domolky, BandHappy’s Jonathan Rivlin, TEDCO President Rob Rosenbaum and BandHappy’s Andy Meister.

BandHappy received the first check cut from the Propel Baltimore fund in 2013. Left to right: TEDCO Managing Director Randy Domolky, BandHappy's Jonathan Rivlin, TEDCO President Rob Rosenbaum and BandHappy's Andy Meister.

(Courtesy photo)

BandHappy is the first startup to receive money from the Propel Baltimore fund.

The Owings Mills-based startup, which facilitates music lessons online between professional musicians and students around the world, received $100,000.

Another $120,000 will be doled out as BandHappy hits “certain benchmarks,” said cofounder Jonathan Rivlin in an email. Rivlin added that half of the Propel money BandHappy received are matching funds from private investors, “a condition of the program.”

Propel Baltimore itself is a $4.3 million angel investment fund managed by the Maryland Technology Development Corporation (better known as TEDCO) and created in partnership with the Abell Foundation and the France-Merrick Foundation.

Established around this time last year, Propel Baltimore makes maximum investments of $220,000 in startup companies, but generally does it in tiers, with the first round of funding being anywhere between $100,000 and $200,000.

The major stipulation of Propel Baltimore, however, is that startups receiving funding have to already be located in Baltimore city or be willing to relocate to Baltimore city.

Right now, Rivlin said, BandHappy has plans to relocate to the Emerging Technology Center in Canton in early May.

-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

Sign-up for daily news updates from Technical.ly Baltimore

Do NOT follow this link or you will be banned from the site!