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Today: May 12, 2024
January 12, 2024
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100KM Ventures Selected by TEDCO to Manage SSBCI Funding

TLDR:

  • TEDCO has selected 100KM Ventures as one of the early-stage venture capital fund managers to support the management and investment of up to $10 million in funding from the U.S. Department of Treasury State Small Business Credit Initiative (SSBCI).
  • 100KM Ventures will receive $3 million from the earmarked funds to oversee as part of TEDCO’s Venture Capital Limited Partnership (VCLP) Equity program.

The Maryland Technology Development Corporation (TEDCO) has chosen 100KM Ventures as one of the early-stage venture capital fund managers to support the management and investment of up to $10 million in funding from the U.S. Department of Treasury State Small Business Credit Initiative (SSBCI).

100KM Ventures, based in Washington, D.C., is a venture capital company that invests in early-stage, diverse management teams focused on building the next generation of great technology companies addressing untapped customers in the Future of Work and Women’s Health sectors.

Last year, TEDCO announced that it would receive up to $50 million in funding from the SSBCI initiative. The funding is being used to support recipients of TEDCO’s Venture Equity Fund, Seeds Funds Equity program, and Social Impact Funds, as well as the $10 million earmarked for the Venture Capital Limited Partnership (VCLP) Equity program.

As part of the VCLP Equity program, 100KM Ventures will receive $3 million of the $10 million earmarked funds to oversee.

Troy LeMaile-Stovall, CEO of TEDCO, expressed excitement about the collaboration with 100KM Ventures and stated that Maryland has the potential to be a booming technology hub.

For more information about the SSBCI VCLP funds, visit TEDCO’s website.

About TEDCO:

TEDCO, also known as the Maryland Technology Development Corporation, is an economic engine for technology companies in Maryland. The organization identifies, invests in, and helps grow technology and life science-based companies in the state.

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