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News & Announcements

03/15/2012 – Maryland raises $84 million to invest in tech startups

Maryland succeeded in raising $84 million to invest in promising technology companies across the state via a novel online auction of tax credits, officials announced Thursday. The InvestMaryland plan, a cornerstone of Gov. Martin O'Malley's legislative platform last year, completed a key milestone with the online auction, in which 24 insurance companies bid up the price of tax credits they wanted to receive in the future. In the end, 11 companies won the credits and the state surpassed the minimum of $70 million that it expected to receive.

03/15/2012 – New Enterprise Associates Joins $35M Round for BOKU

BOKU, a specialist in online mobile payments, has secured $35 Million in funding. Investors include New Enterprise Associates (NEA), Telefónica Digital, the growth arm of the global telecoms leader, as well as previous investors. Additional participants in the round include Andreessen Horowitz, Benchmark Capital, DAG Ventures, Index Ventures and Khosla Ventures. The funding will be used to expand the team, broaden infrastructure and continue BOKU's global expansion that started in 2009.

03/15/2012 – Carlyle Returns $19B to Investors, Boasts 150% Earnings Jump in New IPO Filing

The Carlyle Group returned $19 billion to investors last year and reported a 152 percent year-on-year leap earnings, according to Reuters.

03/09/2012 – “Year of the Entrepreneur” Theme of Capital Connection ’12 and TechBUZZ ‘12

Capital Connection’12 and TechBUZZ ’12 will bring together entrepreneurs across all stages of company growth and investors from the full spectrum of financing capital for a 1 1/2 day program filled with industry innovators, headlining entrepreneurs and sector-focused programming emphasizing trends in all of the hottest technology sectors. Capital ConnectionTM, one of the nation’s most respected industry conferences, will be held this year on May 23-24 at the Omni Shoreham Hotel in Washington, D.C.

03/08/2012 – North Carolina Joins Mid-Atlantic Bio as Strategic Partner

The Mid-Atlantic Bio conference announced today that the North Carolina Biotechnology Center (NCBiotech) has joined the Virginia Biotechnology Association (VABIO), Tech Council of Maryland (TCM), and Mid-Atlantic Venture Association (MAVA) as a 2012 strategic partner. The addition of North Carolina to the Mid-Atlantic Bio geography solidifies the conference's position as the leading regional life-sciences event.

03/06/2012 – TEDCO and The Abell Foundation Announce New Propel Baltimore Fund

The Propel Baltimore Fund (the “Fund”) was created through a partnership between the Maryland Technology Development Corporation (TEDCO) and the Abell Foundation. The Fund, which has capital commitments of $3.3 million, will provide up to $220,000 as an angel investment in early stage, technology companies located in Baltimore City.

03/05/2012 – JMI Equity Gains 13% Stake in Vocus after Beltsville Company’s Merger with iContact

JMI Equity has reported $41.54 million stake in Vocus Inc. (NASDAQ: VOCS), a Beltsville, Md.-based provider of cloud-based marketing and PR software.

03/04/2012 – Columbia Capital Raises $28.75M for GlobalOne Investment

Columbia Capital has raised $28.75 million of a $33.75 million offering for "Declarative Holdings Inc.," taking in the amount from six investors, according to an SEC filing.

03/02/2012 – Signal Hill Announces Launch of India Initiative

Signal Hill Holdings LLC (“Signal Hill”), the parent of Baltimore-based Signal Hill Capital Group LLC, a leading investment bank with a focus on growth companies, is pleased to announce the launch of Signal Hill Capital Advisory India Pvt. Ltd (“Signal Hill India”), a newly-created investment banking business based in Bangalore, India.

03/01/2012 – Proskauer Expands Litigation Practice, Private Investment Funds Capabilities with Addition of Partner Timothy Mungovan in Boston

Proskauer announced that Timothy W. Mungovan has joined the firm as a Partner in the Boston office. Mr. Mungovan was the founder and leader of the Private Fund Disputes team and was formerly the Practice Group Leader of the Commercial Litigation and Financial Services and Securities Litigation Practice Groups at Nixon Peabody.

03/01/2012 – CIT GAP Funds Invests in Brazen Careerist

The Center for Innovative Technology (CIT) announced today a $100,000 investment in McLean, Va.-based Brazen Careerist. Brazen Careerist is an online career resource that combines virtual recruiting events with online education and training to help young professionals discover their strengths, refine their skills and find their ideal job.

02/29/2012 – CIT GAP Funds Invests in Villagize

The Center for Innovative Technology (CIT) announced today an investment in Oakton, Va.-based Villagize, a social networking website that connects people in their local residential community.

02/28/2012 – Edison VII Raises $249 Million

Edison Ventures is pleased to announce the final closing of Edison Venture Fund VII at $249 million. Limited Partners include pension funds, financial institutions, endowments, family offices and fund of funds.

02/28/2012 – Hillcrest Labs, Backed by Grotech Ventures and Columbia Capital, Raises $4M

Hillcrest Laboratories Inc. has raised $4 million, or 72 percent of a $5.5 million offering of debt and convertible securities, according to an SEC filing. Principals named in the filing by the Rockville-based maker of electronics products are: · Founder, Chairman, President and CEO Daniel Simpkins; · CFO Peter Jackson; · Director Peter Barris of Menlo Park, Calif.-based New Enterprise Associates; · Director Frank Adams of Vienna, Va.-based Grotech Ventures; and · Director R. Philip Herget of Alexandria, Va.-based Columbia Capital.

02/27/2012 – New Atlantic Ventures does a flurry of deals

Over the past week, the Reston- and Cambridge, Mass.-based venture capital firm has been part of funding announcements for Of Course Meals, Truveris and Yieldbot. And it plans to announce another deal at South By Southwest next month, said founder and Managing Partner John Backus.

02/23/2012 – Truveris Attracts $10 Million in New Capital, Contains Drug Benefit Costs

New Atlantic Ventures, the early-stage venture capital firm based in Reston and Cambridge, Mass., said it has increased its investment in New York-based Truveris, a developer of software designed to increase efficiency in the prescription claims process.

02/23/2012 – NEA Joins $15M Round for Satori Pharmaceuticals

Satori Pharmaceuticals, which develops therapeutics for Alzheimer's disease (AD), has raised an additional $15 million in financing. Current investors InterWest Partners, New Enterprise Associates Inc. (NEA) and Prospect Venture Partners co-led the round.

02/22/2012 – Resonate Ready to Revolutionize Big Data Through Breakthrough in Values Marketing

Resonate, a Reston-based developer of audience targeting technology, said on Wednesday it has raised more than $20 million in its second round of funding, led by Revolution Growth, the DC-based investment firm created by AOL co-founder Steve Case and Wizards and Capitals owner Ted Leonsis.

02/22/2012 – MAVA’s Annual Crystal Ball Breakfast

Industry Outlook 2012 Launching the 2012 Signature Programming lineup in February, MAVA hosted two Crystal Ball – Industry Outlook breakfasts to showcase the expertise and real-time insights from 10 of the nation’s leading investors, based in the Mid-Atlantic region.

02/16/2012 – Compass Labs Secures $6M in Funding from New Enterprise

New Enterprise Associates (NEA), the Chevy Chase-based venture capital firm, said it has co-led a new $6 million round of funding for Compass Labs, the Silicon Valley-based developer of a social media advertising platform. Presidio Ventures also co-led the round, which the company will use to further develop its core CLIQ platform, as well as bolster sales and marketing efforts and expand into international markets.

02/14/2012 – EDG Partners Closes Second Fund, Actively Seeks Investment Opportunities in Healthcare

EDG Partners, a healthcare-focused private equity firm with dual headquarters in Arlington and Atlanta, said it has raised $177.8 million for its second fund. The firm said the fund, known as EDG Partners Fund II, typically will invest $5-$30 million in businesses across the healthcare sector, including those in clinical services, people and business services, manufacturing and distribution and insurance services.

02/13/2012 – Solar Junction Closes $19.2 Million Round for Scaling of Manufacturing

New Enterprise Associates (NEA), the Chevy Chase-based venture capital firm, said it has increased its stake in Solar Junction, a San Jose-based developer of high-efficiency solar cells. NEA was one of four participants in a new $19.2 million round of funding for the company, led by IQE. Solar Junction said the capital will allow it to "meet demand and fulfill current and future orders with a number of CPV [concentrated photovoltaic] companies."

02/13/2012 – Syncom Leads $4M Round in AppTap

AppTap closed a $4M round of institutional funding, led by Syncom Venture Partners, with participation from existing investor, New Atlantic Ventures. AppTap will use the investment to enhance its app recommendations service for consumers and to broaden its app advertising capabilities for developers and expand its global distribution partnerships.

02/02/2012 – CIT GAP Funds Invests in WireTough Cylinders, LLC of Bristol, VA

The Herndon-based Center for Innovative Technology (CIT) said it has invested $200,000 in Bristol-based WireTough Cylinders, a maker of compressed natural gas (CNG) cylinders for alternative-fuel vehicles.

01/25/2012 – Prosensa Raises €23 Million in New Equity Financing Led by New Enterprise Associates

Chevy Chase, Md. -- New Enterprise Associates (NEA), the Chevy Chase-based venture capital firm, has led a new $30.1 million round of funding in Dutch biopharmaceutical firm Prosensa, which is developing RNA-modulating therapeutics to treat rare diseases. Previous backers Abingworth, Life Sciences Partners, Gimv, Idinvest Partners and MedSciences Capital also participated in the round. David Mott, general partner of NEA, will join the company's supervisory board. Mott called Prosensa "one of the most promising emerging European biopharmaceutical companies." The company is targeting treatments for Duchenne muscular dystrophy (DMD), Myotonic Dystrophy (DM1) and Huntington's disease (HD).

01/24/2012 – Reston-Based Goodzer Raises $650,000 in New Funding – Spring TechBUZZ presenter

Reston, Va. -- Goodzer, the Reston-based developer of a local product search engine designed to help users find items from nearby stores, has raised $650,000 in new funding, according to CEO Dmitry Pakhomkin. As initially reported by the Washington Business Journal, investors included several current and former Cree executives, including Neal Hunter, John Palmour and Cengiz Balkas. Goodzer now features more than 2 billion products from over 500,000 brick-and-mortar locations, checking prices and availability in real time from any merchant that lists items on a website. Pakhomkin said Goodzer plans to feature products from more than 1 million stores in the next several months, as the company proceeds on its expansion plans.

01/24/2012 – Wheaton-Based Shopsy One of 13 Selected for TechStars Boston

Wheaton, Md. -- Shopsy, the Wheaton-based developer of an online shopping engine that delivers custom outfit recommendations to women, said it has been accepted into the winter session of the TechStars business accelerator in Boston. The startup, headed by founder Lisa Morales-Hellebo, will be one of 13 companies to participate in the bootcamp, and the only one with local origins. Each company receives seed funding, along with mentorship and space at TechStars' facility in Cambridge, Mass. In exchange, TechStars takes a 6% stake in each startup. Shopsy also was one of 24 companies selected last fall by the Mid-Atlantic Venture Association (MAVA) to present at TechBUZZ, which was held in conjunction with DC Week.

01/08/2012 – TEDCO names its cyber fund Orange Knocks

We wrote last month about the Maryland Technology Development Corp.'s planned $20 million cybersecurity fund. Today, the state-backed investment group gave that fund a name: Orange Knocks.

12/06/2011 – Mid-Atlantic Venture Association Announces Deputy Executive Director

The Mid-Atlantic Venture Association (MAVA) announced today the appointment of Kimberly Weir as Deputy Executive Director. The creation of the new Deputy Executive Director role reflects MAVA's renewed commitment to expand and deepen the value that the organization provides to its investor members, corporate partners, and the entrepreneurial community in an ever-changing market environment.

11/07/2011 – State of Maryland RFP for consultant to select recipient firms for new InvestMaryland Fund.

The State of Maryland is seeking assistance in securing RFPs for qualified agents/consultants who can assist them in selecting investors for the newly established InvestMaryland Fund. Details are outlined in the attached RFP as issued by the State’s Department of Business and Economic Development.

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