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Venture capitalists invest $89 million in Md. companies in third quarter

Merkle Inc., a Columbia-based IT services firm, got more than $10 million in funding from undisclosed venture capital firms.
Merkle Inc., a Columbia-based IT services firm, got more than $10 million in funding from undisclosed venture capital firms. (Kenneth K. Lam, Baltimore Sun)

Venture capitalists invested $89 million in Maryland companies in this year's third quarter, with the state ranking 8th in the country for the number of deals and 13th in dollars invested, according to a new report released Friday.

Nationwide, venture capitalists invested $9.9 billion in 1,023 deals in quarter ended Sept. 30, according to the MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Association, which uses data from Thomson Reuters.

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Venture capitalists have invested in 63 Maryland-based companies so far in 2014, surpassing the 62 deals in all of 2012. In 2013, venture capitalists invested in 74 Maryland-based companies.

The $89 million invested in 2014's third quarter is a third more than the $66.5 million invested in the second quarter but well off the $142 million in 2013's third quarter.

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Firms that received venture capital funding in the Baltimore area included Baltimore-based Cerecor Inc., a biopharmaceutical company, which got more than $16 million in funding from firms including MPM Capital LLC and New Enterprise Associates Inc. Merkle Inc., a Columbia-based IT services firm, got more than $10 million in funding from undisclosed firms.

Stevensonville-based Harpoon Medical Inc., a medical device company, received nearly $4 million in venture funding from sources including Epidarex Capital and the Maryland Department of Business and Economic Development.

Venture capital investing nationwide — more than $33 billion in the first three quarters — has already surpassed that of all of 2013, a total of about $30 billion.

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