The Anne Arundel County Economic Development Corporation doled out a total of $700,000 to startups from a tech fund it administers.
AACEDC distributes tech loans through an allotment from the state’s VOLT fund, which is supported by 1.5 percent of the revenue collected from video lottery terminals at Maryland casinos.
In terms of what stage they seek to fund, a rough shorthand for Maryland startups is post-TEDCO, but pre-Series A.
Here are the three companies chosen to receive funding from 52 applicants:
- A Betamore member company building a platform allowing instructors to easily create online courses. We profiled founders Katie Egan and Bethany Meyer last year. ($200,000)
- A Baltimore-based ETC graduate company that’s helping companies manage supply chain data. CEO Scott Kaufman said the funding “will be a bridge from the seed-level capital we’ve raised so far to the proper A-round we intend to raise later this year.” ($250,000)
- A Chesapeake Innovation Center-based cybersecurity company focused on protecting 911 call centers. CEO Timothy Lorello said the funding will help the company expand offerings for its platform, Paladin. ($250,000)
The no-interest loans don’t have to be paid until a startup receives money from institutional investors that is four times the amount of the original fund, or exits.-30-
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