The Columbia-based Maryland Technology Development Corp. (TEDCO) has announced that its Rural Business Innovation Initiative (RBII Fund), Builder Fund (Builder Fund), Seed Funds (Seed Fund) and Maryland Venture Fund (MVF) programs are now accepting applications for investments.
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.
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 startups and continuing to grow innovation and entrepreneurship in the state.”
TEDCO will commence investments when a quorum of members of the MVF Authority is appointed. In anticipation of the reconstitution of the 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.”