Investing / Year in review

Growth companies eye more growth: No. 2 Baltimore tech trend of 2016

A fair portion of Baltimore's more established tech companies made moves to shore up their futures.

R2integrated's Inner Harbor office. (Courtesy photo)

The end of the year is a time to think about what’s next for 2017, but it’s also worth reflecting on how we got here. We’re looking back at some of the themes that kept coming up in our coverage of Baltimore’s tech community in 2016. See the full list of 2016 trends here.

Creating new companies is a big focus of economic efforts. With the fast pace of startups and potential for big returns, that’s understandable. But it’s also worth remembering the importance of the businesses that are already around. They may seem boring, but they tend to employ more people and raise larger amounts of funding than the early stage companies. Plus, revenue!
In 2016, we saw these bigger companies put pieces in place to plan for the future.
Agencies were one area where this was evident. R2Integrated is looking to make acquisitions after a majority investment from Baird Capital. Planit opened new space in Locust Point and Jellyfish is growing its Inner Harbor office as the base of its U.S. operations.
Elsewhere, tech and product companies that have been around for a while got new funding to get bigger. Catalyst DevWorks, the older of Michael Rosenbaum’s two companies, raised $11.5 million to open more offices. On Holabird Ave., Pixelligent raised a $10.4 million Series C as it looks to further the market for its nanocrystal technology. Camden Yards-based fintech company eOriginal is looking to hire after a $26.5 million investment round. And Straighterline grew its team amid further recognition of its online college courses from the federal government.
As the year turns over, there are once again rumblings about an IPO at Laureate Education, indicating this trend could continue into 2017.

Companies: Planit / Pixelligent / R2integrated / StraighterLine

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