Two more venture capital firms have been selected to receive InvestMD funds that they will invest in local startup companies.
EnerTech Capital Partners will receive $10 million and Foundation Medical Partners will receive $7 million. As part of the state’s InvestMaryland program, the firms will use it to back local startup companies. After a startup exits, the state gets 100 percent of its principal investment and 80 percent of the proceeds from the exit. The venture firms can keep the remaining 20 percent of the proceeds.