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Venture capital surged last year in Baltimore and D.C.

Finance

Venture capital funds flooded into companies last year in the Baltimore-Washington corridor, more than doubling to $1.54 billion, according to a new report to be released Friday.

The region ranked fifth among those tracked — behind California's Silicon Valley, New England, and the New York City and Los Angeles metro areas — by the MoneyTree Report prepared by PriceWaterhouseCoopers LLP and the National Venture Capital Association.

Nationwide, venture capital investing grew 7.5 percent to $29.4 billion in 2013, according to the report, which uses data from Thomson Reuters.

The number of deals in Baltimore-D.C. metroplex increased to 171 in 2013 from 166 the year before.

The top 10 deals of the year reads like a who's who of hot technology with investments in Uber and Pinterest, but also includes a $150 million early stage investment in Precision for Medicine Inc., a Chevy Chase firm working to develop and commercialize specialized medicines.

In the fourth quarter, the region saw $313 million invested in 54 deals, up from just under $117 million last year.

The largest local deal placed $16 million with CSA Medical Inc., a Timonium company that's developing a spray to freeze unwanted body tissue, easing its removal. Annapolis-based Astrum Solar received nearly $7.5 million to expand its residential solar electric rental business. And the Baltimore-based home furnishings and décor retailer Bambeco got a nearly $4.3 million to fund its continued expansion.

Copyright © 2014, The Baltimore Sun
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