Two new venture firms receive InvestMaryland funding - Technical.ly Baltimore

Business

Nov. 15, 2013 11:00 am

Two new venture firms receive InvestMaryland funding

EnerTech Capital Partners and Foundation Medical Partners will receive $10 million and $7 million, respectively, to invest in cleantech and health IT companies.

Two new venture capital firms are receiving a portion each of the state’s $84 million InvestMaryland fund.

  • EnerTech Capital Partners, which invests in early-stage and mid-size cleantech companies, will receive $10 million to invest in Maryland-based companies.
  • Foundation Medical Partners, which invests in health IT companies, will receive $7 million to invest in Maryland-based companies.

“[T]he firms will return to the State’s general fund 100 percent of the principal and 80 percent of the proceeds from successful investments,” according to MDBizNews.

As Technical.ly Baltimore has reported, the $84 million InvestMaryland fund was signed into law in 2011 and raised in spring 2012 through the sale of insurance tax credits. Money from the fund is intended for early-stage startups, and is divvied up for investment among three groups:

-30-
Andrew Zaleski

Andrew Zaleski is a freelance journalist outside Washington, D.C. He's written for Wired, Backchannel, Popular Science, Fortune, the Washington Post Magazine, the Atlantic and elsewhere.

Advertisement

Sign-up for regular updates from Technical.ly

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