18 venture capital firms active in Maryland companies in 2026

Maryland raised roughly $2.4B across 250+ deals in 2025. Most capital went to life sciences and cybersecurity. The ecosystem is split between Baltimore's biotech corridor and the D.C. suburbs' federal contractor tech. You won't get far without understanding either Johns Hopkins research pipelines or government sales cycles.

Quick list

Why Maryland for raising capital

Maryland has 40+ active funds but the ecosystem is bifurcated. Baltimore focuses on life sciences because of Johns Hopkins and NIH proximity. Average biotech Series A is $15-25M. The D.C. corridor (Bethesda, Chevy Chase, Rockville) funds cybersecurity and govtech because federal agencies are customers. Average B2B SaaS seed is $1-3M.

The state offers serious non-dilutive funding through SBIR/STTR matches. Maryland startups secured $28M+ in federal grants through TEDCO's proposal lab in 2024-2025. That's real money before you dilute. Most coastal VCs don't know about it.

Maryland investors move slower than SF but faster than Boston. Expect 4-6 meetings before term sheets. They're thorough with IP diligence if you're biotech. Software companies need government sales traction or enterprise contracts, not just MRR growth. Hopkins and University of Maryland spinouts get priority from local funds.

Finding the right Maryland investor

Geographic focus matters here. Baltimore investors prefer Baltimore companies for board meeting logistics. Bethesda funds will invest in Baltimore biotech but expect you to eventually relocate closer to NIH. If you're in Western Maryland or Eastern Shore, you'll need D.C. or Baltimore proximity or a remote-friendly fund.

Check their government relationships. Half of Maryland's tech economy depends on federal contracts. If you're selling to DoD, HHS, or intelligence agencies, your investor needs security clearances and procurement connections. Ask if they've helped portfolio companies navigate FedRAMP or SBIR Phase III transitions.

Life sciences investors expect IP. Baltimore biotech funds want patents or exclusive university licenses before Series A. The bar is higher than Boston or SF because Hopkins competition is fierce. Software investors want differentiated tech, not better UX on existing solutions.

Check sizes vary by geography. TEDCO does $500K-$1.5M. Maryland Venture Fund goes up to $750K initial checks. Grotech and ABS write $5-15M growth checks. NEA leads $20M+ rounds but doesn't lead many Maryland seeds. Know which stage you're actually ready for before reaching out.

Use Ellty to track opens. Maryland investors are polite but non-committal. Upload your deck and send trackable links. You'll see who actually reviewed your IP strategy versus who just skimmed the summary. Baltimore biotech investors spend 3x longer on patent slides than market size.

Follow-on capacity is limited. Most Maryland funds can't lead your Series B. Plan to bring in Boston or SF capital for growth rounds. Some founders raise seed locally, then relocate to Cambridge or Palo Alto. Others stay and build with customer revenue. Be honest about your path. Building a repeatable, compliant GDPR document sharing workflow builds trust before the first handshake.

Approaching Maryland investors strategically

Start with university connections. If you're a Hopkins, UMD, or UMBC spinout, go through the tech transfer office first. JHU Technology Ventures, UM Ventures, and Maryland Momentum Fund prioritize university deals. They'll intro you to other Maryland VCs if it's a fit.

Attend TEDCO events. Their Entrepreneur Expo, Builder Fund showcases, and SBIR proposal labs are where Maryland investors actually show up. These aren't networking happy hours. Come with traction or don't come at all.

Baltimore investors value local presence. If you're remote-first or planning to relocate to SF, say it upfront. Some will pass immediately. Others don't care but want honesty. Don't waste time pitching board seat value if you're moving in 12 months.

Track your outreach with Ellty. Create unique links for each Maryland investor. Baltimore VCs typically review decks within 48-72 hours if interested. If no activity after a week, they've passed. Don't follow up repeatedly. Move on to the next 10 funds.

Leverage SBIR/STTR grants. Apply through TEDCO's proposal lab before raising venture capital. Landing NIH or NSF Phase I proves federal agencies validated your tech. Maryland investors view this as de-risking. Upload grant docs to your Ellty data room before first meetings.

Join Baltimore innovation groups. ETC Baltimore, Emerging Technology Centers, and bwtech@UMBC are where Maryland founders actually meet investors. Skip the generic startup meetups. These workspaces host office hours with local VCs.

Reference Maryland exits. Mention Catalent's $1.2B acquisition of Paragon Bioservices or recent Hopkins spinout IPOs. Maryland investors funded those companies. Showing you understand the local success path matters more than citing SF unicorns.

Prepare for government talk. If you're B2B SaaS, expect questions about federal sales strategy. Can you get FedRAMP certified? Do you understand FAR clauses? Maryland investors pass on great products that can't navigate procurement. Set up an Ellty data room with your government partnerships and security compliance docs.

Maryland ecosystem realities

Maryland investors prefer profitable growth over blitzscaling. Burn $500K/month with no revenue path and you'll get ghosted. Baltimore and Bethesda VCs want 12-18 month runways and capital efficiency. It's a very different mentality from SF's growth-at-all-costs culture.

Biotech gets funded faster than SaaS in Maryland. If you're life sciences with Hopkins IP, you'll close rounds in 3-4 months. B2B SaaS without government traction takes 6-9 months. The capital concentration is clear. Plan your timeline accordingly.

18 top investors in Maryland

1. New Enterprise Associates (NEA)

One of the world's largest VCs with a Chevy Chase office that actively backs Maryland life sciences companies.

• Recent Deals: Sparrow Pharmaceutics $85M Series B (2025), Thrive Earlier Detection $257M Series B (2024), Gemini Therapeutics $80M Series C (2024)
• LinkedIn: Tony Florence
• Sector Focus: life sciences, healthcare, biotechnology, technology
• Stage Focus: Series A, Series B, Series C, late-stage
• Office Location: Chevy Chase, Maryland
• Website: nea.com

2. TEDCO

State-backed innovation agency with evergreen venture funds investing $500K-$1.5M in Maryland tech and life sciences companies.

• Recent Deals: 13 Maryland companies funded December 2025, VerImmune investment announced 2025, multiple SBIR/STTR matches
• LinkedIn: Troy LeMaile-Stovall
• Sector Focus: technology, life sciences, cybersecurity, materials science
• Stage Focus: pre-seed, seed, Series A
• Office Location: Baltimore (201 East Pratt Street) and Columbia, Maryland
• Website: tedcomd.com

3. Grotech Ventures

Hunt Valley-based early-stage VC investing $500K-$5M in tech companies, particularly strong in B2B SaaS and enterprise software.

• Recent Deals: Sturdy.ai $6M seed (2025), Base Operations $9.1M Series A (2025), Suite Studios Series A (2025)
• LinkedIn: Frank Adams
• Sector Focus: B2B SaaS, enterprise software, business services
• Stage Focus: seed, Series A, Series B
• Office Location: Owings Mills, Maryland
• Website: grotech.com

4. ABS Capital

Baltimore growth equity firm with $2.5B+ invested since 1990, focusing on B2B software and tech-enabled services.

• Recent Deals: CERTIFY Health Series A (2025), Greenspace Health Series B (2025), Cariloop $20M Series C (2025)
• LinkedIn: Jennifer Krusius
• Sector Focus: B2B software, tech-enabled services, healthcare IT, fintech, edtech
• Stage Focus: Series A, Series B, growth equity
• Office Location: Baltimore, Maryland
• Website: abscapital.com

5. Northpond Ventures

Multi-billion dollar science-driven VC with Bethesda office, one of the most active life sciences lead investors in the U.S.

• Recent Deals: Elephas Series A (2025), Outcomes4Me follow-on (2025), QbDVision $13M Series A (2025)
• LinkedIn: Michael Rubin
• Sector Focus: life sciences, biotechnology, medical devices, diagnostics
• Stage Focus: Series A, Series B, Series C
• Office Location: Bethesda, Maryland
• Website: npv.vc

6. Maryland Venture Fund

$110M evergreen state fund investing directly in Maryland tech and life sciences companies since 1994.

• Recent Deals: Curbio $4M seed, Xometry follow-on investments, multiple Maryland B2B SaaS companies
• LinkedIn: Maryland Venture Fund
• Sector Focus: enterprise software, life sciences, high tech
• Stage Focus: seed, Series A
• Office Location: Columbia, Maryland
• Website: Contact through TEDCO at tedcomd.com

7. Camden Partners

Baltimore-based growth equity firm with 25+ years investing in software and tech-enabled business services.

• Recent Deals: CEIPAL $21M growth round (2020s), multiple tech-enabled services companies
• LinkedIn: David Warnock
• Sector Focus: software, tech-enabled services, education, healthcare services
• Stage Focus: growth equity, Series B, Series C
• Office Location: Owings Mills, Maryland
• Website: camdenpartners.com

8. Kinetic Ventures

Baltimore-based fund backing local healthcare IT and B2B SaaS companies with hands-on enterprise sales support.

• Recent Deals: Protenus $19M Series C (2024), Halo Health $12M Series B (2023), Hitch Health $8M Series A (2025)
• LinkedIn: Kinetic Ventures
• Sector Focus: healthcare IT, B2B SaaS, enterprise software
• Stage Focus: Series A, Series B, Series C
• Office Location: Baltimore, Maryland
• Website: Search LinkedIn for current contact

9. Blu Venture Investors

Local fund focused on Maryland B2B software and services companies, early investor in Baltimore tech ecosystem.

• Recent Deals: Mindgrub Technologies growth investment (2024), multiple Baltimore B2B SaaS deals
• LinkedIn: Blu Venture Investors
• Sector Focus: B2B software, SaaS, business services
• Stage Focus: seed, Series A
• Office Location: Baltimore, Maryland
• Website: Search Maryland Entrepreneur Hub for details

10. JHU Technology Ventures

Johns Hopkins' investment arm commercializing university research and providing early funding for Hopkins spinouts.

• Recent Deals: ReviveMed $8M seed (2025), multiple Hopkins-originated life sciences companies
• LinkedIn: JHU Technology Ventures
• Sector Focus: life sciences, medical devices, biotechnology, healthcare
• Stage Focus: pre-seed, seed
• Office Location: Baltimore, Maryland
• Website: ventures.jhu.edu

11. Abell Foundation

Baltimore-focused foundation investing in local companies with growth potential and social impact, especially workforce development.

• Recent Deals: Fearless expansion funding (2024), Baltimore edtech and workforce companies
• LinkedIn: Abell Foundation
• Sector Focus: workforce development, edtech, social impact
• Stage Focus: seed, growth capital
• Office Location: Baltimore, Maryland
• Website: abell.org

12. Aldrich Capital Partners

Baltimore life sciences investor backing healthcare and biotech startups with disruptive technologies or novel business models.

• Recent Deals: Multiple Maryland life sciences companies (details private)
• LinkedIn: Stephen Aldrich
• Sector Focus: healthcare, life sciences, biotechnology, medical devices
• Stage Focus: seed, Series A
• Office Location: Baltimore, Maryland
• Website: aldrichcp.com

13. Bonsal Capital

Mission-driven partnership investing in tech-enabled services in education, healthcare, and cybersecurity since 1999.

• Recent Deals: Multiple edtech and healthcare companies (portfolio private)
• LinkedIn: Bonsal Capital
• Sector Focus: edtech, healthcare, cybersecurity
• Stage Focus: seed, Series A, growth
• Office Location: Maryland
• Website: Contact through Maryland networks

14. TDF Ventures

D.C.-based VC targeting seed and Series A investments in Maryland and surrounding region technology companies.

• Recent Deals: 60+ companies invested including various Maryland tech startups
• LinkedIn: TDF Ventures
• Sector Focus: technology, software, business services
• Stage Focus: seed, Series A
• Office Location: Washington D.C. (serves Maryland)
• Website: tdfventures.com

15. TCP Venture Capital

Baltimore early-stage tech VC with Propel Baltimore Fund specifically for companies locating in Baltimore.

• Recent Deals: Multiple Baltimore technology companies
• LinkedIn: TCP Venture Capital
• Sector Focus: technology, software, B2B SaaS
• Stage Focus: seed, Series A
• Office Location: Baltimore, Maryland
• Website: tcpventurecapital.com

16. Maryland Momentum Fund

University System of Maryland's $16M fund providing $150K-$500K investments in USM spinouts from 12 institutions.

• Recent Deals: Total $10.9M invested across USM portfolio companies
• LinkedIn: USM Innovation
• Sector Focus: university spinouts, technology, life sciences
• Stage Focus: seed, early-stage
• Office Location: Various Maryland USM campuses
• Website: innovate.umd.edu/resources/momentum-fund

17. Boulder Ventures

Early-stage venture firm investing in market-leading technology companies since 1995, active in Maryland deals.

• Recent Deals: Multiple Maryland technology companies over 25+ year history
• LinkedIn: Boulder Ventures
• Sector Focus: technology, software, communications
• Stage Focus: seed, Series A
• Office Location: Colorado (invests in Maryland)
• Website: bouldervc.com

18. Early Charm Ventures

Baltimore-based firm licensing university IP and manufacturing products in Pigtown, focused on sustainable value creation.

• Recent Deals: Lankenau Ventures, Geminus Therapeutics, multiple biotech and device companies
• LinkedIn: Early Charm Ventures
• Sector Focus: biotechnology, medical devices, materials science
• Stage Focus: seed, early-stage
• Office Location: Pigtown, Baltimore, Maryland
• Website: earlycharmventures.com

Start tracking your Maryland investor outreach

These 18 investors closed Maryland deals in 2025-2026. Before you start reaching out to Baltimore, Bethesda, or Columbia funds, set up proper tracking.

Upload your deck to Ellty and create a unique link for each Maryland investor. You'll see exactly which slides they view and how long they spend on your IP portfolio or government contracts section. Maryland-based founders often find biotech investors skip market size but focus heavily on patent protection and regulatory pathways, while B2B SaaS investors want federal sales pipeline details.

When Maryland investors ask for more materials, share an Ellty data room instead of messy email threads. Your licensing agreements, SBIR documentation, Hopkins collaboration agreements, and federal contracts in one secure place with view analytics.

Common questions

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

Most Maryland funds prefer local companies for board meeting logistics, especially Baltimore investors. If you're a Hopkins or UMD spinout, you'll get meetings regardless of location. Remote-first companies should target growth-stage funds like NEA or ABS that don't require local presence. Be upfront about relocation plans.

How does Maryland compare to Boston or SF for fundraising?

Maryland has less capital but stronger government and life sciences advantages. If you're selling to federal agencies or spinning out of Hopkins, Maryland is better than SF. For consumer or general B2B SaaS, Boston or SF have 10x more investors. Maryland VCs prefer profitable growth over blitzscaling.

What's the average seed round size in Maryland?

$1-3M for B2B SaaS, $3-8M for life sciences. TEDCO and Maryland Venture Fund write $500K-$1.5M checks. Grotech and local VCs do $2-5M. If you need $5M+ seed rounds, you'll need to bring in D.C. or Northeast funds alongside local investors.

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

Raise locally if you're Hopkins/UMD spinout, selling to federal government, or building capital-efficient B2B business. Go to SF/NYC if you're consumer, need $10M+ seed, or want fast follower rounds. Many Maryland founders do seed locally, then Series A in Boston with Maryland VCs participating.

Do Maryland investors expect in-person meetings?

Baltimore investors strongly prefer in-person for first meetings. Bethesda and Chevy Chase funds are more flexible with video. Once you're in diligence, expect to visit their offices multiple times. COVID changed some of this but Maryland is more traditional than SF.

What industries get funded most in Maryland?

Life sciences and biotechnology dominate because of Hopkins, NIH, and FDA proximity. Cybersecurity and govtech get significant capital due to federal contractors. B2B SaaS with government sales potential. Healthcare IT. Materials science and advanced manufacturing from university research. Consumer and fintech get minimal Maryland funding.

How important are SBIR/STTR grants for Maryland fundraising?

Extremely important. Maryland has the best SBIR infrastructure in the country through TEDCO's proposal lab. Landing Phase I proves government validation. Local VCs view federal grants as de-risking. Many Maryland biotech companies stack $2-3M in SBIR funding before raising institutional capital, which improves valuations significantly.