The Maryland Venture Fund closed on $25M to invest in tech companies - Technical.ly Baltimore

Business

Nov. 14, 2017 8:10 am

The Maryland Venture Fund closed on $25M to invest in tech companies

The state-backed Maryland Innovation Opportunity Fund I provides fresh capital after MVF was retooled.

Andy Jones.

(Photo courtesy of TEDCO)

The Maryland Venture Fund has fresh capital to make investments.

The TEDCO-run investment arm closed on $25 million for the Maryland Innovation Opportunity Fund I, according to a press release. The money comes from Maryland’s State Retirement and Pension Fund.

The state-backed fund, which focuses on tech, healthcare and life sciences, was transferred under leadership of TEDCO in 2015. It was then retooled as a new team was hired. It now includes Andy Jones as Managing Director, as well as Parag Sheth, Phil Jung and Moss Amer. The new capital will be “sector and stage agnostic,” meaning it won’t be limited to a particular category of tech company or stage.

“This new fund is an important milestone in the turnaround and re-invention of the Maryland
Venture Fund,” Jones said in a statement. “We have built a new team of experienced operators and investors. Now the job in front of us is to deliver top-quartile returns to the Pension System and in the process, build the next generation of great businesses in the State of Maryland.”

MVF companies also now have access to a group of executives through a recently launched Operating Partner Network. These execs can assist companies who receive funding with “strategy, technology, finance, sales and marketing,” the MVF states.

MVF’s portfolio includes Harpoon Medical, Graybug Vision, Personal Genome Diagnostics, Fugue and D.C.–based Optoro.

The moves come as Maryland Venture Fund is taking on added importance within “TEDCO 2.0.” Recently-hired CEO George Davis said the MVF team is now overseeing TEDCO’s seed investments, as well. It’s a move focused on bringing a venture mentality to the program that seeks out winning companies, Davis said.

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

NextStep Robotics receives $1M through NIH agreement

VitusVet gets investment from Nationwide Insurance

Bowie-based Trinity Cyber, led by NSA and White House alums, raises $23M

SPONSORED

Baltimore

Verizon is looking for the brightest ideas on how to use its 5G technology

Baltimore, MD

Agora Financial

Sr. Frontend Developer

Apply Now
Baltimore, MD 21201

14 West

Junior Database Administrator

Apply Now
Baltimore, MD

SmartLogic

Account Executive (Baltimore)

Apply Now

BlueRidge.AI raises $1.9M to bring machine learning to factory floors

With new Baltimore space and $5M Series A, Whitebox grows ecommerce tech platform

Minnowtech receives $225K grant to bring imaging platform to shrimp farmers

SPONSORED

Baltimore

Escape the August heat with cool AI tech

Baltimore, MD

14 West

Product Operations Manager

Apply Now
Philadelphia OR Baltimore

Technically Media

Technical.ly Editorial Intern (Fall 2019)

Apply Now
Baltimore

Fastspot

Business Development Manager

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!