A new $50m investment fund will back startups in Maryland, Virginia, Delaware and the District of Columbia.
The Chesapeake Regional Innovation Fund will provide seed capital for startups and emerging technology companies focused on innovations in energy, life sciences and security.
The first investments are anticipated for later in 2013, following the first $20m close.
The fund, which will be managed by TEDCO of Columbia, Md., is being developed by the Chesapeake Crescent Initiative, a regional collaborative working to advance innovation in life sciences, security, and energy throughout Virginia, Maryland, Delaware and the District of Columbia, as well as a team of regional stakeholders.
Chairman of the fund’s investment committee will be Phil Garfinkle, the founder of PictureVision, Yazam, Trust Strategy Group, Navig8 and others.