For immediate Release: September 20, 2017
Christopher College, 410.497.7239, firstname.lastname@example.org
Propel Baltimore Funds Cross Major Investment Milestone
Baltimore MD. TCP Venture Capital announced today that local companies in its Propel I and Propel II venture funds have attracted over $180 million in follow-on capital from out-of-state investors, a sign of strong interest in Baltimore City’s thriving technology sector.
This out-of-state capital, when combined with over $45 million in funding from local foundations, venture funds and individuals, has fueled the addition of over 400-technology-focused jobs in Baltimore and paves the way for additional economic growth.
Prior to the launch of the Propel Baltimore Fund I in 2012, technology start-up companies struggled to find early stage institutional capital in Baltimore City, and would sometimes leave in pursuit of support elsewhere. Propel I was created to support and attract quality companies to grow their innovative businesses in Baltimore City.
“When we launched Propel, we knew there were strong companies here with the potential for greater success,” said TCP Venture Capital Managing Partner Chris College. “This milestone confirms our thesis that there are great investment opportunities in the city – opportunities that others recognize too.”
Propel I and Propel II are venture capital funds focused on investing in compelling early-stage companies that are currently based in or willing to relocate to Baltimore City. These early-stage companies have matured past the “friends and family” and seed round investments and need capital to accelerate growth. Red Owl Analytics, a Propel I portfolio company, grew to over 60 employees and was recently acquired by a Raytheon subsidiary. The acquirer intends to maintain the company’s operations in Baltimore.
Led by the Abell Foundation and the France-Merrick Foundation, the Propel Funds have helped fill the void in capital investment and created vehicles for foundations and individuals to invest directly in Baltimore-based companies.
“Supporting local companies is a vital tool in building stable communities and contributes to the overall health of the city,” said Abell Foundation President Robert C. Embry Jr.
About TCP: TCP Venture Capital (www.tcp.vc) is a Baltimore, Maryland-based early-stage technology focused venture capital firm. We partner with entrepreneurs to build great businesses. The Propel Baltimore Funds makes investments in early-stage technology companies willing to locate in Baltimore City.
About the Abell Foundation: The Abell Foundation is dedicated to the enhancement of the quality of life in Maryland, with a particular focus on Baltimore. The Foundation places a strong emphasis on opening the doors of opportunity to the disenfranchised, believing that no community can thrive if those who live on the margins of it are not included.