TEDCO President Rob Rosenbaum has been talking about a second round of funding for the Propel Baltimore Fund at various events. Today, the seed fund for startups is newsworthy enough for the Baltimore Sun.
According to Scott Dance’s report, TEDCO is aiming to triple the size of Propel Baltimore, which offers up to $250,000 to early-stage companies that agree to locate within Baltimore city limits. The Abell Foundation is leading the round, and the Deutsch Foundation and Clayton Baker Trust are all signed on to participate.
The first fund was $5.5 million, according to the article, and funded nine companies. That initial well is now completely tapped. The foundations are looking to scratch up as much as $15 million for the new fund.
The report highlights Citelighter CEO Saad Alam and Three Ring’s Steve Silvius as examples of entrepreneurs who decided to move to Baltimore from New York as a result of the resources that were made available. Betamore CEO Jen Meyer also supplies some context.