#EdTechMD, short for EdTech Maryland, aims to raise a $3 million fund by early fall according to Baltimore Business Journal.
The initiative is led by Frank Bonsal III, venture partner at New Markets Venture Partners and Vince Talbert, founder of Bill Me Later which was acquired by eBay in 2008.
The fund will make seed investments ranging from $50.000 to $100.000 predominantly in Maryland-based edtech startups. It is part of a larger initiative under the #edtechmd banner which aims to further strengthen the state’s footprint in the growing edtech market.
Already today there are quite a few of up and coming edtech startups based in the area including StraighterLine, Moodlerooms (which got acquired by Blackboard) and Allovue. In October New York-based Citelighter made headlines when the team announced to relocate the startup to Baltimore after raising a $1.5 million Seed Round, calling the city the “EdTech Capital of the United States”.
Another noteworthy Maryland-based edtech startup just had its IPO. 2U, which is based in Landover, raised about $120 million at the stock market on Friday last week.
Baltimore is also a major player when it comes to training future teachers as the area is home to Johns Hopkins, UMBC and Towson University. Last month edSurge hosted its first day-long conference in Baltimore with the aim of connecting teachers to edtech startups and vice versa.
We were happy to have Frank Bonsal III as judge in our EdTech Pitch Battle 2013. Frank’s questions and feedback will give you a good impression of what is important to him when evaluating an education technology startup and their idea/business.
- Investment fund seeks to raise $3M to support Maryland ed-tech startups | Baltimore Business Journal
- Finding An Edtech Fortune In Baltimore | Forbes
- Baltimore’s ed-tech boom may just be getting started | Baltimore Business Journal
Picture by Kevin Labianco via Flickr