Summer dip: Maryland companies raised $142M in Q3 - Technical.ly Baltimore

Business

Oct. 15, 2019 5:45 pm

Summer dip: Maryland companies raised $142M in Q3

The totals were down when compared to recent quarters, but some noteworthy rounds continue to show investor interest.
Money.

Money.

(Photo by Flickr user Pictures of Money, used under a Creative Commons license)

Venture capital funding totals took a summer slide locally in 2019, as Maryland recorded $142 million over 16 deals. That’s according to the latest MoneyTree report from PwC and CB Insights.

That’s down about 38% from the second quarter, when companies raised a total of $231 million over 21 deals. It’s also a drop year-over-year, as Q3 of 2018 saw totals of $255 million raised over 21 deals.

“Maryland, just like the region as a whole, is significantly off the mark from last year,” said Brad Phillips, director of emerging company services for PwC.

However, it’s not nearly as low as the Q1 2019 total of $73 million raised, which was the lowest since 2016.

Like last quarter, a biotech company out of Gaithersburg paced all companies, as cell therapy company Arcellx raised $42 million. Doubling down on the other big sector of the technology industry, Bowie-based Trinity Cyber’s $23 million raise was the second-largest. Frederick-based cell manufacturing technology company RoosterBio rounded out the top three with a total of $21.5 million raised.

Baltimore also saw a dip in funding in the third quarter, with half as many deals (four) as Q2, and a total of $30 million raised.

Yet there were still some eye-catching rounds for the city, as Fells Point-based healthcare analytics company Protenus closed a $17 million Series C, while AI-for-workforce development company Catalyte raised $10.66 million. In Annapolis, cellular and satellite data company EVERYWHERE Communications posted $6.1 million in a Series A.

Advertisement

Typically, bigger funding totals in Maryland are paced by particularly large deals. With that lower total, Phillips has talked about how it tends to be a “choppiness” to the quarter-to-quarter totals.

“If we don’t have large deals we tend to have difficulty keeping up with a quarter where there was a large deal,” he said.

Still, Maryland continues to be a big contributor to DMV funding totals: The state’s companies had four of the top five deals in the region, and 43% of the region’s total $246 million haul.

Notably, there’s been an uptick in the fourth quarter over the last two years, so we’ll be on the lookout for a clutch performance to bring the decade to a close.

-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

TEDCO reopens apps for Maryland startup funding

Village Capital cofounder Victoria Fram is the first guest on ‘Off the Sidelines,’ our new investor education podcast

Pinkaloo raises $1.25M, led by Baltimore’s Squadra VC

SPONSORED

Baltimore

Technology is ever evolving — shouldn’t business education be, too?

Hunt Valley, MD

LawIQ

SOFTWARE ENGINEER – FULL TIME OPPORTUNITY

Apply Now

Annapolis Junction, MD

Asymmetrik

FULL-STACK DEVELOPER

Apply Now

Annapolis Junction, MD

Asymmetrik

SOFTWARE ENGINEER

Apply Now

Bezos fund awards $5M grant to St. Vincent de Paul Baltimore

Investment gives Vista Equity Partners majority stake in Maryland’s Sonatype

Cybersecurity startup Code Dx wins $2M seed investment at DataTribe Challenge

SPONSORED

Baltimore

How independence fuels confidence and professional development at SmartLogic

Annapolis Junction, MD

Asymmetrik

FRONT-END DEVELOPER

Apply Now

Philadelphia, PA - Center City

Odessa

Sr. Project Manager – ERP Implementations

Apply Now

Philadelphia, PA

Vistar Media

QA Engineer

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!