Venture capitalists invested $1.159 billion into Maryland companies, according to data from the MoneyTree Report by PwC/CB Insights. It marks the third-highest VC dollar total in a year since 2000 and the highest since 2001.

The funding was invested over 79 deals that included a pair of megadeals over $100 million, which typically drive yearly totals up.

“Maryland not only had a good year in 2020 but the upward trend in funding over the last 20 years in Maryland is quite encouraging as well,” said Brad Phillips, a director in PwC’s emerging company services practice.

It also showed gains when measured against the region: Maryland companies accounted for nearly 59% of the total VC dollars in the D.C. region, and 47.5% of the total number of deals.

“Not only has the trend been good for Maryland, but over the last several years Maryland’s share of the regional amount has increased,” Phillips said.

Baltimore’s VC growth and biggest deals

Baltimore companies are also showing gains, as venture capitalists invested almost $295 million into companies in the city, which was the highest total in the state.

“Almost 26% of investments into the state went into Baltimore companies,” Phillips said. It wasn’t long ago where we’d have this report and in a quarter we’d have $7 million go into Baltimore, so that’s a very significant thing.”

The top-dollar deal in the state came in the fourth quarter: Hanover-based industrial cybersecurity firm Dragos closed on $110 million in new funding. In the state’s other “megadeal,” defined as over $100 million, Gaithersburg-based biotech company Sirnaomics raised $105 million. New funding for Gaithersburg-based manufacturing marketplace Xometry, Baltimore-based cybersecurity company ZeroFOX and Bethesda-based health tech company Aledade were also in the top five. Baltimore’s other entrant in the top 10 was AsclepiX Therapeutics, a Johns Hopkins spinout.

Maryland’s big totals were in line with national trends. In all, VC funding posted a record of $130 billion, despite the pandemic.


Stephen Babcock

Stephen Babcock is the editor of Baltimore and an editor-at-large of Baltimore Fishbowl.