The final quarter of 2024 showed a big raise for a Baltimore tech firm building platforms to help startups and economic leaders navigate regional resources, but the funding was not entirely new, company sources said.
EcoMap Technologies‘ early December filing with the Securities and Exchange Commission showed a raise of $6.9 million out of an $8 million round. However, according to EcoMap, the investment reported was part of an earlier raise and not brand-new money.
This follows a $3.5 million seed in 2022, an equivalent add-on to that seed in 2023 and a flurry of hiring in 2024. The amount was reported as the fifth-highest in the Baltimore region in 2024’s fourth quarter Venture Monitor report, released by PitchBook and the National Venture Capital Association, coming in after later-stage healthcare companies like Gliknik, Sonavex and Secretome Therapeutics.
Venture capital sped up in Baltimore in the last few months of 2024, though there wasn’t a spike in the number of deals, per the report. Companies saw $158 million across 13 deals, compared to the $69.2 million across 10 deals in the third quarter.
A list of regional VC deals that the Baltimore Business Journal compiled lists Grotech Ventures, an Owings Mills-based funder focused on B2B startups outside Silicon Valley, as an investor in this round. Grotech previously participated in EcoMap’s seed raise.
A 2022 RealLIST Startups honoree, the startup also hosted its inaugural SuperConnect conference in 2024. The two-day summit focused on local economic development, and became a tribute to the company’s late cofounder Pava LaPere.
EcoMap graduated from and participated in several prominent accelerator and startup support programs, including the Techstars Equitech Accelerator and Baltimore Homecoming’s Crab Tank. The company previously boasted investors including Baltimore’s Conscious Venture Partners and TCP Venture Capital.
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