The Maryland Technology Development Corporation (TEDCO), in collaboration with The Abell Foundation, announced today the establishment of the $3.3 million Propel Baltimore Fund, an angel investment fund for entrepreneurs and start-up companies located in Baltimore City. TEDCO will administer the fund and will begin accepting applications on April 2, 2012. Through the fund, companies may receive maximum investments up to $220,000.
"The Propel Baltimore Fund was created to help support the establishment and development of promising businesses in Baltimore City," said Abell Foundation president Robert C. Embry, Jr. "The Abell Foundation wants to ensure that innovators recognize Baltimore as an attractive location to start, build and sustain their businesses. TEDCO has an excellent track record as a state-of-the-art resource for entrepreneurs, and we are confident that the organization will be a strong partner in managing the fund and in supporting economic development in the city."
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