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Baltimore VC investments jump to $158M in 2024’s final quarter

As you might expect, life sciences dominated the region’s top Q4 raises to close out the year.

Baltimore's Inner Harbor (Technical.ly / Anthony McCray)

In line with Maryland’s industry trends, one of the state’s leading technology sectors landed its primary city’s biggest venture capital deals last quarter. 

Following a languid Q3, Baltimore saw $158.1 million in venture capital funding across 13 deals in 2024’s final three months, according to the latest quarterly Venture Monitor report from PitchBook and the National Venture Capital Association. By comparison, the late summer and early fall comprised $69.2 million in funding across 10 deals. 

It’s not the highest valuation of 2024 — the year’s second quarter saw $359.4 million across 14 deals, and a much lower $89.7 across 19 deals in Q1. The last quarter of 2023 was even more sluggish at a mere $45.8 million through 22 deals, meaning the transactions were more frequent and lower in valuation.  

E-commerce firm SamCart, whose website lists offices in Fulton, Maryland and Austin, Texas, brought in half of the most recent quarter’s venture funds, trailed by other largely later-stage companies. 

This company stage trend reflects VC dynamics throughout the country. Funders still look for more mature companies in which to invest, per Mike Ravenscroft, the managing director of the University System of Maryland Momentum Fund. That was the case for most of 2023 and 2024, so he doesn’t find this continuation surprising.

The uptick in cash is promising, but nowhere near as robust as 2021’s highs, he explained. 

Caution is still the name of the game.

Mike Ravenscroft

“I do not think that the average startup is, or should be, throwing caution to the wind,” Ravenscroft told Technical.ly, “and thinking that the environment is picked up and that everything’s turned around.”

Raising at the seed stage remains a challenge, he said. Venture firms, many of which are struggling to raise money themselves, now look to companies with a high return potential and little risk. 

In some ways, this sobering reality for early-stage companies can be positive, Ravenscroft said. 

“The shortage of funding has compelled founders to be a lot more precise and measured in the growth targets that they’re projecting,” he said. “That ultimately will prove a lot more valuable to founders that are trying to grow the companies not just quickly, but also responsibly.”

Justin Amoyal, the founder and CEO of the digital health company Impruvon Health, recently reported a second seed round despite the tough investing environment. The startup, which developed medication management software to avoid medication errors, previously raised capital every subsequent year since its founding in 2020, per Amoyal. 

He declined to disclose the value of this round, but did note it was oversubscribed. It was led by San Francisco’s Ford Street Ventures, with participants including the State of Maryland-founded TEDCO, the Maryland Momentum Fund and TCP Venture Capital. The tech is being used in intermediate care and assisted living facilities across 20 states, and the company is close to being profitable. 

“We’re building our technology fast,” Amoyal told Technical.ly. “The technology works really, really well, and investors are excited to see that. And they see that we’re dedicated to solving the problem.”

Healthcare tech dominates top raises in Baltimore — for now

Many life sciences-related founders also rely on government funding and other nondilutive capital in their sector, especially in the early stages of development, per Ravenscroft. Venture capitalists do not invest in very early-stage, high-risk science startups because of the volatility, he explained. 

The federal funding freeze scare was not a good sign for local companies in life sciences. 

“If all that research stops getting funded, if all those companies at the early stages stop getting funded, then we don’t have a pipeline anymore of innovation,” Ravenscroft said prior to President Donald Trump rescinding the decision to freeze funding following a judge blocking the order. 

Below are the Baltimore region’s largest deals of Q4. As always, it’s important to note that these figures may vary slightly after publication: Some deals aren’t accounted for until weeks after quarterly VC reports are published, and PitchBook may find errors in its data.

  1. E-commerce startup SamCart raised a Series B valued at $87.6 million, according to the Venture Monitor report. In a Dec. 30 filing with the Securities and Exchange Commission, the company logged that amount to cover its Series B Preferred Stock and Warrants — terms referencing equity investments that give certain funders priority for buying common stock later on — and convert that into common stock. SamCart reported a Series B of $82 million in 2022. 
  2. Formerly known as NeoProgen, the University of Maryland, Baltimore spinout Secretome Therapeutics raised a later-stage round valued at $20.4 million and announced on Nov. 25. The firm develops cell therapy for patients suffering from heart attacks and advanced heart failure. It’s also a Maryland Momentum Fund portfolio company whose website lists offices in Baltimore’s Inner Harbor area, Chicago, Illinois and the Dallas, Texas metro area.  
  3. Sonavex, a Johns Hopkins University spinout in Baltimore’s Canton neighborhood, which developed a device to detect at-risk blood vessels, announced a second Series A valued at $15.0 million on Nov. 19.
  4. Biotech company Gliknik, headquartered at the University of Maryland BioPark, raised a later-stage VC of $11.2 million. The company is building biomolecules for autoimmune diseases and cancer and is a tenant at the University of Maryland BioPark
  5. The Venture Monitor flagged that the Baltimore AI software startup EcoMap Technologies raised $6.9 million. That funding was not entirely new, per company sources.

How Baltimore fits in with national trends

Venture capital flow slightly increased across the country compared to 2023, per PitchBook’s lead VC analyst Kyle Stanford. 

The report noted that Baltimore’s deal count decreased dramatically from 93 in 2023 to 56 in 2024. This translated to annual totals of $792.3 million and $676.3 million, respectively.

Later-stage companies dominated throughout the country, as well. For instance, 30 firms accounted for more than 68% of the United States’ total VC investments in 2024, per the Venture Monitor report.

Fewer funds are comfortable leading rounds, so there’s been an uptick in co-leading because individual investors struggle to raise capital themselves, said Maryland Momentum Fund’s Ravenscroft. 

“Nobody wants to go to the dance alone,” he said. 

This then makes founders’ lives harder because there’s a need to meet with more investors than usual. Founders typically meet with two to three times more investors compared to a couple of years ago, he explained. 

Overall, startups should be aware that fundraising at the early stages will stay difficult. 

“Caution,” Ravenscroft said, “is still the name of the game.”

Companies: PitchBook / University System of Maryland / University of Maryland, Baltimore / Gliknik / Johns Hopkins University / University of Maryland BioPark / TEDCO / National Venture Capital Association / Securities and Exchange Commission / State of Maryland
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