TLDR:
- Montgomery County, Maryland experienced a strong year of investment in 2023, with over $2.2 billion generated through more than 100 deals in various industries.
- Life sciences companies in the county received over $500 million in investment, making it the #3 biopharma cluster in the US.
- Manufacturing sector also saw significant funding, including MasPanadas and Eat the Change.
- Technology companies in Montgomery County continue to thrive with close to 50 companies receiving funding.
- Montgomery County’s diverse economy, top talent pools, and access to funding make it an attractive location for businesses.
Montgomery County, Maryland saw strong investment in 2023, with over $2.2 billion generated through more than 100 deals in various industries. Life sciences companies in the county received more than $500 million, cementing Montgomery County as the #3 biopharma cluster in the US. Major funding highlights in the life sciences sector include Deka Biosciences, which closed a $60 million funding round, and Amgen’s $28 billion acquisition of Horizon Therapeutics. These investments, totaling over $500 million, will be used for developing drugs and establishing new facilities. The manufacturing sector also received significant funding, with companies such as MasPanadas, a home-grown success story, and Eat the Change, which received a $14 million venture capital investment. Technology companies in Montgomery County are thriving, with close to 50 companies receiving funding. N5 Sensors, a Rockville-based company that focuses on smart sensors to detect environmental hazards, received $2.5 million in funding. Montgomery County is a welcoming home for businesses due to its diverse economy, access to funding, and presence of major federal agencies such as the National Institutes of Health, the Food and Drug Administration, and the National Institute of Standards and Technology. County Executive Marc Elrich stated that 2023 was a successful year for the county’s economy, and he looks forward to more economic success in 2024. The Montgomery County Economic Development Corporation highlighted that while the rest of the country experienced a downturn in funding, investments in Montgomery County businesses, especially in life sciences, remain strong.
