TEDCO has new funding for startups who are past the seed funding stage but not quite ready for VCs.
Maryland’s quasi-public agency that helps early-stage companies received $1 million from the state to create the Gap Investment Fund.
The funding was provided in Gov. Larry Hogan’s 2018 budget, which passed the General Assembly during its recently completed 90-day session. As a result, the money will first be available on July 1.
In a statement, Hogan said the funding can provide a “much-needed lifeline” for companies. It’s one of the most significant moves for the tech community to come out of this year’s legislative session in Annapolis.
“We don’t want them to feel they need to leave the state of Maryland to continue to grow. We want them to grow here.”
TEDCO will look to provide investments of $200,000 to $500,000, TEDCO President John Wasilisin said. It has to be matched from outside investors, and must be used to hire new employees.
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