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New Atlantic Ventures, Kinetic Ventures To Receive InvestMaryland Funds

Governor Martin O'Malley and Peter Greenleaf, chairman of the Maryland Venture Fund Authority (MVFA), announced on Thursday that New Atlantic Ventures and Kinetic Ventures have been selected to receive funds through the state's $84 million InvestMaryland program. New Atlantic will receive $8 million and Kinetic will receive $5 million to invest in early-stage businesses in Maryland. As part of the agreement, the firms, if successful with investments, will return 100 percent of the principal and 80 percent of the profits to the state's general fund. Last month, the state committed $12 million to Grotech Venture.

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