The Maryland Venture Fund (MVF), the equity investment arm of the Maryland Department of Business and Economic Development (DBED), has invested $600,000 in Rockville-based Motionsoft, a leading provider of SaaS member relationship management software (MRMS) and payment services for the health and fitness industry.
The investment comes as part of a $10 million Series B investment round led by Route 66 Ventures and included Edison Ventures as a co-investor. The State of Maryland’s investment is part of a multifaceted effort led by Governor Martin O’Malley to stimulate growth and job creation among high-tech startup companies in Maryland.
“We’re growing Maryland’s economy by investing in education, innovation, and infrastructure,” Governor O’Malley said. “Today’s investment is part of our focus on innovation — we are committed to supporting our entrepreneurs, innovators, startup companies and small businesses like Motionsoft because, in addition to being the future leaders of our economy, they are creating the jobs of today and tomorrow.”
“By investing in high-tech startups like Motionsoft, we’re ensuring that Maryland is a state where businesses want to stay and grow while also creating family-supporting jobs for our highly-trained workforce,” said Lt. Governor Brown. “The Maryland Venture Fund plays an important role in supporting our cutting edge startups, and we will continue to support our small business owners and entrepreneurs to help them create jobs and grow Maryland’s economy.”