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New venture capital financing available for Maryland state startups with innovative technologies addressing air and water quality in the Chesapeake Bay area
The Maryland Technology Enterprise Institute (Mtech) at the University of Maryland announces the launch of the Chesapeake Bay Seed Capital Fund.
The fund, supported by the Maryland Department of Natural Resources and administered by Mtech, will invest into Maryland-based startup companies with innovative technologies that may help improve air and water quality in the Chesapeake Bay area. Fund recipients are jointly selected by Mtech and the Maryland Department of Natural Resources.
The Chesapeake Bay Capital Seed Fund is a strategic initiative announced by Governor Martin O’Malley on Nov. 20, 2008 as part of the Chesapeake Executive Council. The goal of the fund is to accelerate the flow of capital to innovative ventures creating sustainable solutions to restoring the Chesapeake Bay and its watershed.
To be considered by the CBSCF for investment, companies should have both, a strong validation of an applicable remediation technology and a well vetted business model and strategy. We look for companies who are pre-commercialization and need funding to bring their products to market. The CBSCF looks to invest usually between $75,000 to $150,000 for direct commercialization efforts (not for research). We are an equity investment fund, but are also open to convertible debt notes if appropriate for the specific deal. Additionally, the CBSCF is eager for co-investment opportunities (non-lead) where our funding can help leverage additional resources for the startup and investors. If interested, please apply below and you will be contacted for follow-up if there is interest from DNR and Mtech Ventures. Best of luck.