Health / Health tech / Investing / InvestMaryland Challenge / Municipal government

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.”
Companies: Maryland Department of Commerce / Maryland Venture Fund

Before you go...

Please consider supporting to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

3 ways to support our work:
  • Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
  • Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
  • Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
The journalism fund Preferred partners Our services

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!


How to encourage more healthcare entrepreneurship (and why that matters)

Find out what type of heat wave you’re really in for with NOAA’s HeatRisk dashboard

How AI can revolutionize education's quest for truth

Baltimore Money Moves: Howard County cyber company lands $150M Series D

Technically Media