(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-
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