Big investment, connection, mojo...Our 7th $100mm deal in one year + New Tech Portal!

Facet Wealth’s announcement last week of a $100m Series C is part of a surge of activity in Baltimore's startup ecosystem, and one of seven $100mm+ funding rounds for Baltimore companies in the past 12 months (after only two total from 2016-2020).  

Baltimore smashed all kinds of startup records in 2021, with venture funding reaching $825 million,* up 161% YOY (!), outpacing US growth of 96%.  We have many challenges as a city, but our tech/startup scene is a bright spot. 🌞

As our tech sector grows, so has the hunger for advice, connection and mentorship. We're seeing that the real magic happens when companies, large and small, make time to interact, share, ideate and celebrate together. Continued momentum will require us to double-down on community. Toward this goal, UpSurge, Fearless, and EcoMap have developed B’More Tech Connect, a resource hub where Baltimore’s tech community can meet, innovate, learn, share and grow with partners across the ecosystem. Check it out - we look forward to connecting!

*UpSurge Data via Pitchbook, reconciled with ecosystem activity not captured by the software.

What's UP: Founders

• 💸💸 Congrats to Anders Jones and the whole Facet Wealth team on its $100M Series C round led by Durable Capital Partners LP!
• Collaboration for the win! Orgenesis has partnered with Johns Hopkins University to build the Maryland Center for Cell Therapy Manufacturing.
• Technical.ly released its RealLIST for 2022, naming Baltimore’s top 20 standout tech companies of 2022, Congrats to the Top 10 – Youreka, EcoMap, Dynamhex, Qualytics, CyDeploy, Aqualith, Astek Diagnostics, Flave, Return Solutions, and Black Brain Trust – and the 10 honorable mention companies.
• Mindgrub is relocating . . .  to the metaverse. 🌐
• Boston-based connectRN is bringing their healthcare workforce platform - and 80 employees - to downtown Baltimore! 
• Cybersecurity innovator, Zuul, announced growth leader John Parmley will take the helm as the company's new President and CEO.
• SaaS and ERP accounting platform, Accounting Seed, named former Insureon executive Steve Lorenc as CEO.
• With a $700K raise to close out its seed round, human resources technology company Truvelop brings its total funding to just over $2M! 🤑
• TEDCO's portfolio company TRX Systems has been acquired by ACR Group! 
• Big ups to Mustafa Al-Adhami, CEO of MedTech company Astek Diagnostics,  on a recent $850K funding round!
• Platform Aerospace is breaking records! Their unmanned aerial vehicle recently completed a 12,000-mile journey in just over eight days of consecutive flight time - all without refueling! ✈️
• Shoutout to Techstars Equitech Accelerator company Suru Together and CEO Georgina Davis - winner of the Pitch BLCK 2 pitch competition!

Want an intro to any of these companies? Send us a note!

What's UP: Funders

• 🤑 Thanks to JPMorgan Chase, $20M in philanthropic capital and flexible low-cost loans is headed to Baltimore as part of the company's $75 million, five-year commitment to the greater capital region.
• Less than a year after closing its first $1.3 million round, McKeever 'Mac' Conwell's RareBreed Ventures has grown to a $10 million fund, with nearly 30 investments and a national reputation.
• New Enterprise Associates (NEA) is investing big in e-sports companies. 🎮

What's UP: Friends

• Patriot Boot Camp was acquired by DAV (Disabled American Veterans), with Jen Pilcher taking the lead as DAV Patriot Boot Camp National Director.
• Congratulations to the members of Bethesda Green's 2022 Innovation Lab Accelerator cohort!

Heads UP: Opportunities

• Techstars and J.P. Morgan launched a new Founder Catalyst Program for women entrepreneurs in the D.C. area. Applications are open now through February 11.
• Applications are open for the Towson StarTUp Accelerator Cohort!
• Women entrepreneurs...this is for you! Athena PowerLink application are open for their yearlong mentorship program + funding from women activators.
• Digital Health/Med Device companies: the TMCi accelerator in Houston is extending applications for one week for Baltimore companies. Baltimore alumni include rockstar companies like b.Well and Sonavi Labs.

Heads UP: Resources

• Baltimore City small businesses can now apply for the first round of grants from an $8.4M pool of American Rescue Plan Act funds.
• Check out the presentations that healthcare and biotech startups are using to raise big VC funds.

Heads UP: Events

• TODAY from 4-5 pm: Join Fearless' LaToya Staten and UpSurge's Kory Bailey for an overview and Q&A session about the B'more Tech Connect Portal. Join this virtual event with this link.

Rise UP: Learn

• Looking for startup funding? Here are 28 terms you need to know.
• 📈 A new study from Calvert finds racial and ethnic diversity on corporate boards has corresponding positive impacts on stock prices. 
• Economists predict that 15% of full-time workers will remain fully remote post-pandemic. 💼

Catch UP: Media

• Maryland smashed VC records last year with $2.27B in VC raised! 💰💰
• Minority Innovation Weekend's Disruptive Podcast featured Fearless founder and CEO Delali Dzirasa on starting his company and what it means to be a minority in tech.
• These Black women-owned companies raised $1M or more in VC funding last year. 💪🏿💪🏽

The UpShot is Baltimore’s Equitech ecosystem news, curated for startups, founders, funders and friends, all working together to build the country’s first Equitech City. ↗️↗️↗️