TEDCO absorbs Maryland Venture Fund - Technical.ly Baltimore

Civic

Oct. 2, 2015 7:43 am

TEDCO absorbs Maryland Venture Fund

The legislative move combines two of the state's biggest investment funds for early-stage companies.

At TEDCO's 2014 ICE Awards.

(Photo by Tyler Waldman)

Among a host of new laws that took effect in Maryland on Thursday is a measure that transfers control of the Maryland Venture Fund to the purview of TEDCO.

The changes result in a consolidation of two of the state’s largest early-stage economic development arms under TEDCO, a quasi-public agency that makes investments in startups.

The recommendation to combine the two agencies came out of the Augustine Commission, which identified ways for the state to improve its business climate.

The transition has been taking place since June, but the move becomes official with the Oct. 1 enactment of legislation.

The Maryland Venture Fund invests in later-stage companies than TEDCO typically invests in. Current Baltimore city portfolio companies include University of Maryland BioPark-based PathSensors, social media marketing company SocialToaster and ecommerce company Bambeco.

According to TEDCO President Rob Rosenbaum, the fund has a total of $100 million in overall assets that are being moved. About $80 millions is invested, and $15 million remains for new deals.

“We think it’s providing additional quality deal flow,” Rosenbaum said in a recent interview.

TEDCO is currently seeking a managing director for the Maryland Venture Fund, an ad posted on its website states.

The new fund comes as TEDCO also recently announced an additional $125,000 that could be available for startups that receive initial TCF money. A requirement that a company be part of an incubator or university to receive TCF was also removed.

It’s also a day of change at the state level. Separate legislation renamed the Department of Business and Economic Development as the Department of Commerce. Mike Gill will continue as secretary in the revamped department.

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Baltimore’s ABS Capital Partners leads $23M Series A for Florida cybersecurity company

Maryland’s open data portal gets an update

eBay founder’s Omidyar Network invests in Baltimore-based Terbium Labs

SPONSORED

Baltimore

How SmartLogic accelerated these startups’ product growth trajectories

Philadelphia, PA

Orthly

Full-Stack Javascript Engineer

Apply Now
Baltimore, MD 21201

14 West

Chief of Staff

Apply Now
Baltimore, MD

SmartLogic

Product Designer

Apply Now

At RSA Conference, Maryland looks to make cybersecurity connections beyond the state

In debate over Maryland small cell bill, 5G meets land use

Georgia economic leaders paid a visit to Maryland cyber centers

SPONSORED

Baltimore

This fast-growing SaaS company aims to be a force for change in the energy industry

Baltimore

Technically Media

Technical.ly Baltimore Contributing Reporter (Contract or Freelance)

Apply Now
Baltimore, MD

SmartLogic

Developer

Apply Now
Baltimore, MD 21201

14 West

Application Security Engineer (Pen Tester)

Apply Now

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

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