TEDCO, Maryland’s economic engine for technology companies, announced today that its programs: Rural Business Innovation Initiative (RBII Fund), Builder Fund (Builder Fund), Seed Funds (Seed Fund) and Maryland Venture Fund (MVF) are now accepting applications for investments.
In accordance with new statutory requirements enacted by the Maryland General Assembly during the 2019 legislative session, TEDCO has developed and adopted regulations governing its investment programs. The new law also tasked TEDCO with developing an application process for its investment programs. With the new regulations in place and a compliant on-line application portal up and running, TEDCO is now able to begin accepting applications.
“We are thrilled to bring these application portals live after the team has worked hard to finalize the regulations,” stated TEDCO’s executive vice president Stephen Auvil. “It’s our goal to get back to what TEDCO does best, and that’s building great, Maryland-based start-ups and continuing to grow innovation and entrepreneurship in the State.”
The new application portals include the RBII Fund, Builder Fund, Seed Fund and MVF. The RBII Fund invests in start-up companies located in Maryland’s rural regions. The Builder Fund was created to financially and operationally support the development of start-up companies founded by entrepreneurs who demonstrate disadvantage that hinders access to traditional forms of capital and executive networks at the pre-seed stage throughout the state. The Seed Fund invests in seed-stage, technology and life sciences companies and includes gap financing. MVF is a venture capital fund focusing on growth stage companies.
TEDCO will commence investments when a quorum of members of the Maryland Venture Fund Authority is appointed. In anticipation of the reconstitution of the Maryland Venture Fund Authority, TEDCO is accepting applications for investment now.
“The Maryland Venture Fund, specifically, is only accepting applications from existing MVF portfolio companies seeking follow-on investment,” stated interim MVF managing director Elizabeth Good Mazhari. “We expect to start accepting applications for non-MVF portfolio companies later in Q1.”
All other TEDCO programs, such as the Maryland Innovation Initiative and the Maryland Stem Cell Research Fund, and activities have not been affected by the new regulations and those processes remain the same.
For more information and to access the applications for these TEDCO investment funds, please visit https://www.tedcomd.com/funding.
TEDCO enhances economic development growth through the fostering of an inclusive entrepreneurial and innovation ecosystem. TEDCO discovers, invests in, and helps build great Maryland-based technology and life science companies.
Tammi Thomas, Vice President for Marketing, TEDCO