TEDCO Announces Selection of 100KM Ventures to Support Management and Investment of Allocated SSBCI Funding

Venture capital company collaborates with TEDCO to support the next generation technology solutions

COLUMBIA, Md., Jan. 11, 2024 /PRNewswire/ -- TEDCO, Maryland's economic engine for technology companies, announces the selection of 100KM Ventures as one of the early-stage venture capital fund managers supporting the management and investment of up to $10 million U.S. Department of Treasury State Small Business Credit Initiative (SSBCI) funding.

"We are excited about the innovation we have been seeing across the State of Maryland and look forward to partnering with more founders in Maryland to take their companies to the next level," said Shalanda Armstrong, founder and managing partner of 100KM Ventures.

100KM Ventures, based in Washington, D.C., is a venture capital company dedicated to investing in early-stage, diverse management teams focused on building the next generation of great technology companies addressing untapped customers across the Future of Work and Women's Health.

Last year, TEDCO announced receiving an infusion of up to $50 million in funding from SSBCI initiative. This funding is being used to support recipients of TEDCO's Venture Equity Fund, Seeds Funds Equity program, and Social Impact Funds—as well as the $10 million earmarked for the Venture Capital Limited Partnership (VCLP) Equity program. As part of the VCLP Equity program, 100KM Ventures is getting $3 million of the $10 million earmarked funds to oversee.

"With our vast resources and unique opportunities, Maryland has the potential to lead the nation as a booming technology hub," said Troy LeMaile-Stovall, TEDCO CEO. "By collaborating with companies like 100KM Ventures, TEDCO continues expanding our reach, supporting more entrepreneurs and enabling a diverse and sustainable ecosystem statewide."

For more information about the SSBCI VCLP funds, go to our website at https://www.tedcomd.com/funding/state-small-business-credit-initiative-ssbci.

About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.

Media Contact
Tammi Thomas, Chief Development & Marketing Officer, TEDCO, [email protected]

SOURCE TEDCO