A Hunt Valley venture capital firm is the first to receive funds from the state’s new $84 million InvestMaryland program.
Grotech Ventures will receive $12 million to invest in early-stage companies. If the recipients are successful, Grotech will return 100 percent of the principal investment and 80 percent of its profits to the state’s general fund.
This week’s announcement marks the next major step for the program, a key economic development initiative of Gov. Martin O’Malley (D) that the General Assembly approved in 2011. The state raised the $84 million this year through an online auction of tax credits to insurance companies that operate in Maryland.
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