The Maryland Technology Development Corporation (TEDCO), through its Maryland Venture Fund (MVF) program, today announced the closing of the Maryland Innovation Opportunity Fund I with $25 million of committed capital. The Maryland State Retirement and Pension System is the sole investor for this fund.
The fund will target new investments led by pioneering entrepreneurs building innovative technology, healthcare and life science companies in Maryland. The fund is sector and stage agnostic.
“We appreciate the Pension System’s trust and confidence in our team,” said George Davis, CEO of TEDCO. “We are committed to delivering both outstanding returns to the Pension System as well as growing the economy in Maryland through the success of our portfolio companies.”
“This new fund is an important milestone in the turnaround and re-invention of the Maryland Venture Fund,” said Andy Jones, Managing Director of the Fund. “We have built a new team of experienced operators and investors. Now the job in front of us is to deliver top-quartile returns to the Pension System and in the process, build the next generation of great businesses in the State of Maryland.”
In 2017, MVF invested in Optoro, Personal Genome Diagnostics (PGDx), Graybug Vision, and StayNTouch. In addition, MVF is pleased to launch its Operating Partner Network. The Operating Partner Network is comprised of a highly selective group of seasoned executives with expertise in strategy, technology, finance, sales and marketing. MVF portfolio companies will now benefit from the experience of executives in the Operating Partner Network.
About Maryland Venture Fund
The Maryland Venture Fund is dedicated to funding and growing the next generation of outstanding businesses in the State of Maryland. The fund is comprised of an experienced team with successful operating and professional venture capital experience whose focus is on making entrepreneurs successful. With $135M in assets under management, they partner with exceptional entrepreneurs and help them build valuable companies that last. www.marylandventurefund.com