Baltimore-based investment firm Brown Advisory announced on Monday that it is a venture capital firm based in D.C.
With the deal, seven team members from NextGen Venture Partners will join Brown Advisory offices in four cities on February 22, according to a release. Those offices include D.C., Austin, New York and Boston. Terms were not disclosed. The news was first reported by the Washington Business Journal.
With roots in an angel network, NextGen Venture Partners draws on a national network of 900 entrepreneurs and investors to source, analyze and back deals. Along with backing young companies, it can give founders an entry point into investing.
The firm closed a $22 million fund about a year ago, according to our sister site Technical.ly DC. Investments include Hyperloop One and UrbanStems.
Now Fells Point–based Brown Advisory wants to integrate the network-based approach.
“NextGen Venture Partners has built a platform that helps its venture partners and entrepreneurs create value for one another. This mutually beneficial experience is one from which we can learn, and one we hope will be meaningful for a wide range of our clients,” said Brown Advisory CEO Mike Hankin said in a statement.
Brown Advisory, which was founded in 1993 from within Alex Brown and Sons, provides investment services for a wide range of clients. The firm participated in rounds for Baltimore startups in recent months, including Workbench and BurnAlong.-30-