About this programme
TEDCO (the Maryland Technology Development Corporation) runs an evergreen venture fund dedicated to funding and growing early-stage businesses in Maryland. TEDCO is a state-affiliated organization based in Columbia, Maryland, and the fund is one of several capital programs it operates to support the state's entrepreneurial ecosystem. TEDCO is an instrumentality of the State of Maryland and invests taxpayer dollars, so the fund's programs are subject to Maryland law, including the TEDCO Statute, the InvestMaryland Program Statute and COMAR regulations.
Because the fund is evergreen, it is continuously capitalized rather than raised as a fixed, time-limited pool, so it can keep making new investments on an ongoing basis. TEDCO's portfolio under this program spans sectors including therapeutics, manufacturing, food tech, healthcare, security and renewable energy, reflecting a broad, cross-sector mandate rather than a single-industry focus. Past recipients include Rapa Therapeutics, Xometry, Din Din, Datakwip, Light Point Security, Neighborhood Sun, LePrix and BlueStar Telehealth, among others.
The fund also works alongside Maryland's allocation of the federal State Small Business Credit Initiative (SSBCI), which supplements the Venture Fund's own capital. Katherine Hill Ritchie is listed as the administrator of the program.
How it works
TEDCO makes direct equity investments in outstanding early-stage Maryland companies, with individual investments ranging between $500,000 and $1.5 million.
Meeting the eligibility requirements does not guarantee funding. It only means TEDCO's investment team will evaluate the merits of the investment. The final decision belongs to TEDCO after it analyzes the company against a variety of criteria set out in its regulations. Because TEDCO has limited dollars to invest, it must turn down some promising companies.
If TEDCO finds a company eligible but chooses not to invest, the company can reapply no sooner than 6 months after the initial application, provided it has made significant commercial progress. Eligibility is re-evaluated at each application.
If TEDCO approves an investment, it begins additional diligence. The company's lawyers, or the company itself if unrepresented, work with TEDCO's lawyers to draft the investment documents and confirm eligibility and other details needed to close the deal.
Who can apply
For a company's first investment from the Venture Fund, it must have started operations within 7 years of the application and investment date, must not have received over $30,000,000 in outside funding (not counting funding from TEDCO or grants), and must not have more than 250 employees. Some of these requirements do not apply to follow-on funding from TEDCO.
The company must be technology-based: it applies science for practical purposes, and its products or processes are or will be protectable as intellectual property, providing a competitive advantage in the market.
The company must be a Maryland-based 'qualified business.' More than half its workforce (counting full-time W-2 employees and active founders) must work from a physical location in Maryland, and its headquarters, meaning the location its officers run the business from, must be in Maryland.
The company must be willing to sign a five-year 'clawback' agreement, committing to stay a Maryland-based business; the clawback lets TEDCO divest from a company that no longer meets that requirement.
TEDCO cannot invest in sole proprietorships (the company must be a corporation, LLC or similar entity) or in companies with more than 250 employees. TEDCO also cannot invest in companies primarily engaged in retail sales, real estate development, insurance, banking or lending, or professional accounting, law or medical services.
How to apply
- Submit an application through TEDCO's Venture Fund Application.
Frequently asked
How much does TEDCO's Venture Fund typically invest?
Investments can be anything between $500,000 and $1.5 million per company.
Who manages the Venture Fund?
TEDCO, the Maryland Technology Development Corporation, based in Columbia, Maryland. Katherine Hill Ritchie is listed as the fund's administrator.
Does meeting the eligibility rules guarantee an investment?
No. Meeting the requirements only gets a company evaluated. TEDCO makes the final call after weighing the investment against a range of criteria, and it turns down some eligible companies simply because it has limited dollars to deploy.
What if TEDCO says I'm eligible but doesn't invest?
You can reapply, but not sooner than 6 months after your initial application, and only if your company has made significant commercial progress since then.
What kinds of companies can't get TEDCO Venture Fund money?
Sole proprietorships, companies with more than 250 employees, and companies primarily in retail sales, real estate development, insurance, banking or lending, or professional accounting, law or medical services.
What does the 'clawback' commitment mean?
You sign a five-year agreement to remain a Maryland-based business. It lets TEDCO divest from your company if it stops meeting that Maryland-based requirement.
More funding in Maryland
Concept Capital
TEDCO (Maryland Technology Development Corporation) · Maryland
Rural or underrepresented Maryland tech founders can get a zero-interest convertible note of $25,000 to $50,000 plus mentoring.
Maryland Innovation Initiative (MII)
TEDCO (Maryland Technology Development Corporation), with Johns Hopkins, Morgan State, UMB, UMBC and UMD College Park · Maryland
TEDCO's university-technology commercialization fund pairs Maryland research institutions with startups to take licensed IP from lab to company.
Builder Fund
TEDCO (Maryland Technology Development Corporation) · Maryland
Maryland tech startups majority-owned by socially or economically disadvantaged founders can apply to TEDCO's Builder Fund for equity investment.
Inclusion Fund
TEDCO (Maryland Technology Development Corporation) · Maryland
Maryland tech startups with meaningful ownership by disadvantaged founders can get equity funding through TEDCO's Inclusion Fund.
Rural Business Innovation Initiative (RBII)
TEDCO (Maryland Technology Development Corporation) · Maryland
Small rural Maryland tech businesses get free mentoring, strategy help, and connections to funding, with no cost to the company.
Seed Fund
TEDCO (Maryland Technology Development Corporation) · Maryland
Maryland technology companies under 5 years old and under 250 employees can raise equity capital meant to make them venture-fundable.
All 8 programmes in Maryland →
Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.