Two new venture firms receive InvestMaryland funding

EnerTech Capital Partners and Foundation Medical Partners will receive $10 million and $7 million, respectively, to invest in cleantech and health IT companies.

Two new venture capital firms are receiving a portion each of the state’s $84 million InvestMaryland fund.

  • EnerTech Capital Partners, which invests in early-stage and mid-size cleantech companies, will receive $10 million to invest in Maryland-based companies.
  • Foundation Medical Partners, which invests in health IT companies, will receive $7 million to invest in Maryland-based companies.

“[T]he firms will return to the State’s general fund 100 percent of the principal and 80 percent of the proceeds from successful investments,” according to MDBizNews.
As Baltimore has reported, the $84 million InvestMaryland fund was signed into law in 2011 and raised in spring 2012 through the sale of insurance tax credits. Money from the fund is intended for early-stage startups, and is divvied up for investment among three groups:

  • Venture capital firms receive 67 percent.
  • The Maryland Venture Fund, the “state-funded and early-stage equity fund within” the state’s Department of Business and Economic Development, receives 24.75 percent, which is then invested into emerging companies in the state.
  • And 8.25 percent goes toward the Equity Participation Investment Program, “designed to expand business ownership by socially or economically disadvantaged entrepreneurs.”


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