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Today: May 22, 2024
January 11, 2024
1 min read

100KM Ventures Partners with TEDCO to Propel SSBCI Fund

TLDR:

  • Maryland’s TEDCO has selected 100KM Ventures as one of the venture capital fund managers supporting its management and investment of up to $10m in funding allocated from the US Department of Treasury State Small Business Credit Initiative (SSBCI).
  • 100KM Ventures focuses on investment in early-stage technology firms with diverse management teams.
  • TEDCO CEO Troy LeMaile-Stovall highlighted the potential for Maryland to become a leading technology hub and praised the contributions of 100KM Ventures in expanding TEDCO’s reach.
  • Last year, TEDCO received an infusion of up to $50m in funding from the SSBCI initiative, to be used to support several funding programmes.

Maryland-based TEDCO has partnered with 100KM Ventures to manage and invest up to $10m in funding from the US Department of Treasury. The funding will be used to support recipients of TEDCO’s Venture Equity Fund, Seeds Funds Equity programme and Social Impact Funds, alongside the $10m earmarked for the Venture Capital Limited Partnership equity programme. 100KM Ventures will oversee $3m worth of this funding, and will invest the money in early-stage technology companies with diverse management teams. Troy LeMaile-Stovall, TEDCO CEO, expressed excitement at the potential for Maryland to become a technology hub, thanks to resources available in the region. The partnership will help to support entrepreneurs and a diverse statewide ecosystem.

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