Maryland firms hauled in $89M in venture capital in Q3

Venture capital investments in Maryland are still working their way back up, according to a report released this week by PricewaterhouseCoopers and the National Venture Capital Association.
In the third quarter of 2014, venture capitalists spent $89 million, up 34 percent from the second quarter’s $66.5 million, but far off the third quarter number from last year, which hit $142 million, according to the report.
Maryland ranked eighth in dollars invested and 13th in number of deals for the third quarter, according to the report. Neighboring Virginia ranked 12th in number of deals, but several spots behind Maryland in dollar value.
Venture capitalists have invested in 63 Maryland firms this year. That’s one more than in all of 2012, and 11 shy of the 2013 figure, according to the report.
Last month, as part of Baltimore Innovation Week, TechBreakfast hosted an event letting local founders pick the brains of venture capitalists.
“We’re back in a boom time for VC,” Erik Pages, president of Washington, D.C.-based EntreWorks Consulting said at the event. “The exciting thing about the current market is VCs are starting to invest in lots of locations rather than just the traditional areas like Silicon Valley.”