1. 2 3 4 6 investmaryland 2012 timeline january 1dbed receives vc certification applications on...
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InvestMaryland 2012 Timeline
January 1 DBED receives VC certification applications on behalf of MVFA
January 16 MVFA selects Altius Associates as VC Selection Consultant
March 15 Tax auction with insurance companies - raised $84 million
March - May Consultant evaluates VC firms
May 1 Deadline for VC certification
June Altius presents ranking of VC firms; authorized by MVFA to conduct comprehensive due diligence process
First payment of $28 million received from insurance companies
October First VC firm approved and announced to the public
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Tax Auction Winners
Company Amt. AwardedHartford Insurance $35,000,000Metropolitan Life Insurance Company $22,500,000Medical Mutual Liability Insurance Society of Maryland $10,000,000New York Life Insurance Company $10,000,000Chubb — Federal Insurance Company $6,100,000Selective Insurance $5,000,000GEICO $4,900,000Travelers $2,500,000Chubb — Great Northern Insurance Company $2,000,000Agency Insurance Company of Maryland Inc.
$1,000,000Injured Workers Insurance Fund $1,000,000TOTAL $100,000,000
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Venture Fund Applicant Pool
Application deadline: May 1, 2012
Received applications from 37 firms, 22 of which are based or have offices in Maryland
All 37 firms were certified
Applicant Pool – Stage
20 Early stage venture capital
10 Growth equity / Late stage / Small buyout
6 Multi-stage
1 Debt oriented
Applicant Pool - Focus
21 Technology / IT / Software focused
9 Life Sciences focused
7 Opportunistic or generalists
VC Firm Approval ProcessComprehensive Due Diligence
Conducted by Altius Required time: 60-90 days per evaluation
Authority Votes Confirm recommended firm Determine commitment amount
Contract Negotiations & Side Letter Development Conducted by MVF Staff Negotiations currently underway with four VC firms
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Maryland Venture Fund and InvestMaryland
Direct investment of $20.7 million of the InvestMaryland funds
Goal: InvestMaryland funds fully committed over a 2-3 year period
Investments will concentrate in early-stage Maryland based businesses
The first direct InvestMaryland investments happening now: BrainScope – Medical devices to diagnose and treat traumatic brain injuries Bambeco – Ecommerce company - eco-friendly fashion forward home decor Maxtena – Advanced antenna and mobile communications Pathsensors – Pathogen detection in food supply Theranostics – Clinical diagnostic testing
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Maryland Venture Fund
Financing for Emerging Technology Businesses
Enterprise Investment Program
MD Enterprises Venture Capital Limited Partnership Investments
Investment decisions are based on potential for returns, promotion of economic development and the creation of jobs
Maryland Venture Fund
Enterprise Investment Program – $100,000 – 1,000,000
Direct equity investments in emerging high technology companies that have patented or proprietary products, manufacturing processes and a marketing strategy in place
Provides financing to move the enterprise to next stage of its development
Looking for opportunities to co-invest with the InvestMaryland VCs
Currently $8.86M of opportunities are in MVF’s pipeline.
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