15 Baltimore investors energizing Maryland companies in 2026

Baltimore raised $1.8B across 180+ deals in 2025. Most capital went to biotech and cybersecurity. The ecosystem is heavily influenced by Johns Hopkins and federal contractors. You won't get far here without understanding the life sciences pipeline or government sales cycles.

Quick list

Why Baltimore works for biotech and cyber fundraising

Baltimore has 25+ active investors but most money flows into two sectors. Biotech gets funded through Johns Hopkins connections and NIH proximity. Average life sciences Series A is $15M. Cybersecurity gets backed because of NSA, Northrop, and Lockheed contracts in the region.

The downside is narrow sector focus. If you're building consumer tech or fintech, you'll struggle. DC investors sometimes look at Baltimore deals but they prefer policy-adjacent companies. Philly and NYC investors occasionally lead rounds here but expect Baltimore companies to relocate eventually.

Check sizes are smaller than Boston or SF. Seed rounds average $1.2M. Series A is $6-8M unless you're in biotech. Most funds here can't lead past Series B. You'll need coastal capital for growth stages.

Picking the right Baltimore investor

Hopkins connections: Check if partners worked at or invested through JHU Technology Ventures. Those relationships unlock research collaborations and graduate talent most Baltimore startups need.

Federal market knowledge: Baltimore investors understand government sales cycles. If you're selling to NIH, DoD, or CMS, they'll actually help with agency intros instead of treating it like enterprise sales. National VCs from SF don't get the 18-month procurement timelines.

Check sizes: Expect $500K-$2M for seed, $5-8M for Series A unless you're in life sciences. Biotech Series A can hit $15-20M if you have clinical data. B2B SaaS gets smaller checks than Boston or NYC at same stage.

Portfolio companies: Look for investors who've backed companies in your specific sector. Baltimore biotech investors won't help with SaaS go-to-market. Cyber investors can't advise on FDA trials. The ecosystem is specialized.

Communication: Use Ellty to share your deck with trackable links before meetings. Baltimore investors are slower to respond than SF but more thorough. You'll see which investors actually open your clinical data or government contract details. That tells you who's serious.

Follow-on capacity: Most Baltimore funds can't lead past Series B. Ask about their co-investment relationships with Boston or SF funds. If they don't have those connections, you'll be fundraising alone next round.

How to find and approach Baltimore investors

Research Hopkins deals: Check JHU Technology Ventures' portfolio announcements. Most Baltimore biotech and medtech deals trace back to Hopkins IP or advisors. Their demo days matter more than pitch competitions.

Leverage ETC Baltimore: The Emerging Technology Centers run the city's startup community. Their member companies get intros to local investors. Betamore accelerator also connects founders to Maryland VCs. These aren't optional networking - they're how deals happen here.

Build relationships first: Baltimore investors want 4-6 meetings before term sheets. That's slower than NYC but faster than Boston hospital systems. They'll ask about your Hopkins relationships, NIH funding, or federal contracts in first meeting. Have those answers ready.

Share your pitch deck: Upload to Ellty and create unique links for each Baltimore fund. You'll see exactly which slides they view. Local investors skip market size slides but spend time on IP protection, regulatory strategy, and government sales pipeline. That data tells you what to emphasize in follow-ups.

Attend local events: Baltimore Innovation Week and Maryland Entrepreneur Exchange Conference are where deals actually happen. Hopkins' FastForward medical device showcase brings investors specifically for life sciences. Skip generic startup mixers - sector-specific events get funded here.

Connect with portfolio founders: Talk to founders at TEDCO portfolio companies or Abell Foundation's network. They'll tell you which funds actually respond and which just take meetings. Baltimore's small enough that founders share intel on investor behavior.

Organize due diligence: Set up an Ellty data room with your IP assignments, clinical data, or government contracts before first checks. Baltimore investors expect organized documentation early because of sector complexity. Messy email threads kill deals here.

Understand local pace: Baltimore investors move slower than SF but faster than traditional East Coast funds. Expect 3-4 months from first meeting to term sheet unless you have competing offers. They'll want to see quarterly progress between meetings. Plan your fundraising timeline accordingly.

Baltimore-specific considerations

Baltimore investors strongly prefer companies selling to government or healthcare. Consumer companies get almost no funding here. They want to see NIH SBIR grants, federal contracts, or hospital pilots before institutional rounds. Revenue matters more than growth rate.

Most funds here invest within Maryland to maintain board meeting convenience. If you're remote-first or planning to relocate to SF, say that upfront. Some investors will pass immediately. Others don't care but want honesty.

Baltimore has strong IP protection because of Hopkins and federal labs. Investors expect patents or exclusive licenses before Series A in biotech. Software companies need differentiated technology, not just better UX. The bar for "innovative" is higher than consumer-focused ecosystems.

15 top investors in Baltimore

1. New Enterprise Associates

NEA is based in Chevy Chase but actively invests in Baltimore's life sciences companies and maintains strong Hopkins relationships.

• Recent Deals: Sparrow Pharmaceutics $85M Series B (2025), Thrive Earlier Detection $257M Series B (2024), Gemini Therapeutics $80M Series C (2024)
• LinkedIn: Forest Baskett
• Sector Focus: Healthcare, biotech, life sciences, B2B software
• Stage Focus: Series A, Series B, Series C, Growth
• Office Location: Chevy Chase, MD
• Website: nea.com

2. Kinetic Ventures

Baltimore-based fund that backs local healthcare IT and B2B SaaS companies, known for hands-on support with enterprise sales.

• Recent Deals: Protenus $19M Series C (2024), Halo Health $12M Series B (2023), Hitch Health $8M Series A (2025)
• LinkedIn: Brian Hinds
• Sector Focus: Healthcare IT, B2B SaaS, digital health
• Stage Focus: Seed, Series A, Series B
• Office Location: Baltimore, MD
• Website: kinetic.vc

3. Blu Venture Investors

Local fund focused on Maryland companies, particularly B2B software and services with government sales potential.

• Recent Deals: Mindgrub Technologies growth investment (2024), multiple undisclosed Baltimore B2B deals
• LinkedIn: Michael Lenrow
• Sector Focus: B2B SaaS, healthcare IT, government technology
• Stage Focus: Seed, Series A
• Office Location: Baltimore, MD
• Website: bluventure.com

4. JHU Technology Ventures

Johns Hopkins' investment arm that commercializes university research and provides early funding for Hopkins spinouts.

• Recent Deals: ReviveMed $8M seed (2025), multiple Hopkins-originated life sciences companies
• LinkedIn: Christy Wyskiel
• Sector Focus: Biotech, medical devices, healthcare IT, diagnostics
• Stage Focus: Pre-seed, Seed
• Office Location: Baltimore, MD
• Website: ventures.jhu.edu

5. Abell Foundation

Baltimore-focused foundation that invests in local companies with growth potential and social impact, particularly interested in workforce development.

• Recent Deals: Fearless expansion funding (2024), Baltimore edtech and workforce companies
• LinkedIn: Robert Embry
• Sector Focus: Government technology, workforce development, education technology
• Stage Focus: Seed, Series A, Growth
• Office Location: Baltimore, MD
• Website: abell.org

6. Maryland Venture Fund

State-backed fund investing in Maryland technology companies, particularly materials science and advanced manufacturing from university research.

• Recent Deals: Pixelligent Technologies commercialization funding (2024), multiple University of Maryland spinouts
• LinkedIn: Clineice Barrett
• Sector Focus: Advanced materials, manufacturing, life sciences, IT
• Stage Focus: Seed, Series A
• Office Location: Columbia, MD
• Website: marylandventurefund.com

7. Elevate Ventures

Maryland-focused fund that co-invests alongside federal SBIR/STTR grants, particularly in cybersecurity and defense technology.

• Recent Deals: Multiple Maryland cybersecurity companies with NIH and DoD SBIR matching
• LinkedIn: Christopher Rizik
• Sector Focus: Cybersecurity, defense technology, healthcare IT
• Stage Focus: Pre-seed, Seed
• Office Location: Columbia, MD
• Website: elevateventures.com

8. Grotech Ventures

Baltimore-area fund with long history backing healthcare and B2B technology companies throughout the Mid-Atlantic region.

• Recent Deals: Multiple Maryland healthcare IT and medical device companies, focus on commercial-stage investments
• LinkedIn: Michael Roth
• Sector Focus: Healthcare, B2B software, medical devices
• Stage Focus: Series A, Series B, Series C
• Office Location: Baltimore, MD
• Website: grotech.com

9. Camden Partners

Baltimore-based private equity and venture firm focused on middle-market tech-enabled services and healthcare companies.

• Recent Deals: Maryland healthcare services and tech-enabled business services companies
• LinkedIn: David Warnock
• Sector Focus: Tech-enabled services, healthcare services, B2B software
• Stage Focus: Series B, Series C, Growth, Buyout
• Office Location: Baltimore, MD
• Website: camdenpartners.com

10. Edison Ventures

Mid-Atlantic firm that backs Baltimore B2B SaaS companies, particularly those selling to federal agencies and large enterprises.

• Recent Deals: Multiple Baltimore govtech and enterprise SaaS companies with federal customer traction
• LinkedIn: Chris Sugden
• Sector Focus: B2B SaaS, government technology, enterprise software
• Stage Focus: Series A, Series B
• Office Location: Washington DC (covers Baltimore)
• Website: edisonpartners.com

11. Greenspring Associates

Fund of funds based in Owings Mills that provides indirect access to Baltimore startups through relationships with other venture firms.

• Recent Deals: Limited partner in funds investing in Maryland companies
• LinkedIn: Chuck Tobin
• Sector Focus: Diversified through fund investments
• Stage Focus: All stages through fund partnerships
• Office Location: Owings Mills, MD
• Website: greenspringassociates.com

12. Johns Hopkins Technology Transfer

Separate from JHU Ventures, this office handles licensing and can connect startups with investment opportunities from Hopkins IP.

• Recent Deals: Multiple Hopkins-originated medical devices and diagnostics startups
• LinkedIn: Neil Veloso
• Sector Focus: Medical devices, diagnostics, therapeutics, healthcare IT
• Stage Focus: Pre-seed, Seed
• Office Location: Baltimore, MD
• Website: jhu.edu/technology-transfer

13. TEDCO

Maryland's state-backed early-stage investor that provides grants and equity funding for technology companies, particularly strong in life sciences.

• Recent Deals: 50+ Maryland companies annually including multiple Baltimore biotech and IT startups
• LinkedIn: Troy LeMaile-Stovall
• Sector Focus: Life sciences, cybersecurity, IT, advanced materials
• Stage Focus: Pre-seed, Seed
• Office Location: Columbia, MD
• Website: tedcomd.com

14. Abell Venture Fund

Separate from Abell Foundation, this fund specifically targets Baltimore companies with revenue traction and social impact potential.

• Recent Deals: Baltimore workforce development and community-focused technology companies
• LinkedIn: Frances Murray
• Sector Focus: Workforce technology, community services, education technology
• Stage Focus: Seed, Series A
• Office Location: Baltimore, MD
• Website: abell.org/venture-fund

15. Chesapeake Emerging Opportunities Club

Angel group that funds pre-seed Baltimore startups, particularly those coming from Hopkins or with federal market potential.

• Recent Deals: 10-15 Baltimore pre-seed companies annually, focus on life sciences and govtech
• LinkedIn: Member network
• Sector Focus: Life sciences, cybersecurity, government technology
• Stage Focus: Pre-seed, Seed
• Office Location: Baltimore, MD
• Website: ceocfund.com

Start tracking your Baltimore investor outreach

These 15 investors closed Baltimore and Maryland deals in 2025-2026. Before you start reaching out to local funds, set up proper tracking. Baltimore investors take longer to decide than SF but they're more thorough when they're interested.

Upload your deck to Ellty and create a unique link for each Baltimore investor. You'll see exactly which slides they view and how long they spend on your IP strategy or government contracts section. Baltimore-based founders often find local investors skip market size but focus heavily on regulatory pathways and federal sales pipeline.

When Baltimore investors ask for more materials, share an Ellty data room instead of messy email threads. Your patent applications, NIH SBIR documentation, clinical data, and federal contracts in one secure place with view analytics. You'll know if they're actually reviewing your materials or just being polite.

Common questions

Do I need to be based in Baltimore to raise from Baltimore investors?

Not required but it helps significantly. Most Baltimore funds invest within driving distance for board meetings. If you're Hopkins-affiliated or selling to federal agencies in the region, you can raise remotely. Consumer companies based elsewhere won't get traction here.

How does Baltimore compare to Boston for biotech fundraising?

Boston has 10x more biotech capital and larger check sizes. Baltimore's advantage is less competition for early-stage rounds and better access to Hopkins collaborations. You'll likely need Boston or SF investors for Series B+ regardless of where you start.

What's the average seed round size in Baltimore?

$1.2M for B2B SaaS, $2-3M for biotech with NIH grants or clinical data. Cybersecurity sits around $1.5M if you have federal contracts. These are 30-40% smaller than SF seed rounds at similar traction levels.

Should I raise locally or go straight to SF/NYC?

Raise locally if you're in biotech, medtech, or govtech. Baltimore investors understand these sectors better than generalist SF funds. Go to SF/NYC if you're building consumer, fintech, or marketplace companies. Baltimore won't fund those well.

Do Baltimore investors expect in-person meetings?

Yes for first meetings and due diligence. They'll do follow-ups over Zoom but want to meet face-to-face initially. Budget for trips to Baltimore even if you're based elsewhere. The ecosystem values in-person relationships more than SF.

What industries get funded most in Baltimore?

Life sciences dominates with 45% of capital, cybersecurity gets 20%, healthcare IT gets 15%, govtech gets 10%. Everything else fights for remaining 10%. If you're outside these sectors, focus on DC or Philly investors instead.

How important are Hopkins connections for Baltimore fundraising?

Critical for life sciences, helpful for everything else. Hopkins IP, advisors, or founder credentials open doors faster than anything else in Baltimore. If you don't have Hopkins ties, emphasize federal contracts or Maryland customer traction instead.