M&A, Venture Capital, Private Investment & IPO Funding for MoCo Companies
ROCKVILLE, Md.
,
Jan. 24, 2024
/PRNewswire/ —
Montgomery County, Maryland
, companies had a strong year of investment in 2023, with more than
$2.2 billion
generated through more than 100 deals. Companies in a wide range of industries, from life sciences and technology to manufacturing and real estate, brought in substantial investments showcasing a positive economic direction going into 2024.
Life sciences companies in
Montgomery County
continue to be a powerful driver of investment, with more than
$500 million dollars
generated in 2023.
Montgomery County
anchors the thriving Biohealth Capital Region, which rose
from #4 to #3
in the top 10 of U.S. biopharma clusters.
Recent highlights for
Montgomery County’s
ongoing life sciences success include:
-
Deka Biosciences closed
$60 million
to continue developing drugs for patients suffering from cancer and autoimmune diseases; -
Welcoming Amgen to
Montgomery County
through a
$28 billion
acquisition of Horizon Therapeutics, now building its North American technical center in
Rockville
; -
The impact of two life science leaders and soon to be neighboring companies: MilliporeSigma and Horizon Therapeutics, together represent more than
$500 million
invested in new facilities; -
Selecta Biosciences merging with Cartesian Therapeutics, which included a
$60.25 million
private financing deal for Cartesian.
“Deka Biosciences has grown exponentially as part of
Montgomery County’s
Business Innovation Network,” said
Deka President
& CEO
John Mumm
. “We wouldn’t be where we are without them. They have completely enabled us to grow faster than I’ve ever grown a company before,” he explained about the incubator facility.
Nine companies in the manufacturing sector received funding in 2023, including MasPanadas, a home-grown success story. With a recent influx of investment, MasPanadas is in the process of building a space that will triple its square footage to 18,000, while adding another 70 employees.
“Our company continues to thrive here with exceptional growth in annual sales and our client base including having our products in national grocery chains,” said
Margarita Womack
, founder of MasPanadas. ”
Montgomery County
has been a great partner providing connections to programs, tax credit assistance and funding. We are excited about our growth and expansion plans.”
Another highlight in the manufacturing arena is Eat the Change, which received a
$14 million
venture capital investment. Co-owner
Seth Goldman
, who is also co-founder of PLNT Burger and Honest Tea, said: ”
Downtown Bethesda
may not be Silicon Valley or Route 128, but with its active startup community and experienced workforce, it has served us well as the perfect location to launch and scale a mission-driven tea brand…twice! Our success with Honest Tea helped us launch
Just Ice Tea
in 90 days, and then close our Series A
$14 million
financing in just 60 days.
Just Ice Tea
, a product of mission-based Eat the Change, is now the nation’s top-selling organic tea brand and we look forward to continued expansion into mainstream channels.”
Technology leaders continue to thrive in
Montgomery County
, with close to 50 companies receiving funding. Companies include Quantum Xchange, GivHero, and Aledade.
Rockville
-based N5 Sensors received
$2.5 million
in funding for its proprietary cloud-connected ecosystem of smart sensors to keep people safe from environmental hazards. N5 Sensors’ CEO
Abhishek Motayed
says the company has grown from seven people to over 25 in their three years in
Montgomery County
. “We plan to open a second facility, a high-tech semiconductor manufacturing center, to support advanced R&D and product delivery for different critical markets from defense to environmental detection.”
Montgomery County
is a welcoming home to businesses with a diverse economy, top talent pools, access to funding and anchored by major federal agencies including the National Institutes of Health (NIH), the Food and Drug Administration (FDA) and the National Institute of Standards and Technology (NIST).
“By many measures, 2023 was a very good year for the
Montgomery County
economy and I applaud the successful efforts of the Montgomery County Economic Development Corporation,” said County Executive
Marc Elrich
. “We are expanding our economy by building on our strengths as well as opening our doors to new opportunities. We are better equipped to address challenging issues, and we are making progress. This was reinforced during our economic development trips to
Taiwan
,
India
, and
Vietnam
last year. People, around this nation and throughout this world, know
Montgomery County, Md.
, as a welcoming and diverse place with a wealth of talent and plenty of possibilities. I am looking forward to more economic success in 2024.”
“The robust investment in
Montgomery County
companies is a testament to our pioneering spirit, diversity, and exceptional climate for business growth,” said
Bill Tompkins
, president and CEO of Montgomery County Economic Development Corporation. “While the country as a whole has experienced a downturn in funding, investments in
Montgomery County
businesses, especially in life sciences, continues to be strong.”
To learn more about doing business in
Montgomery County, Maryland
, go to
thinkmoco.com
or the
Montgomery County Business Center
. See the full list of 2023 investments in
Montgomery County
companies
here
.
Source: PitchBook, Accessed
January 23, 2024
About Montgomery County Economic Development Corporation (MCEDC)
Montgomery County Economic Development Corporation (MCEDC)
is the official public-private economic development organization representing
Montgomery County, Maryland
. Created in 2016, MCEDC is led by a Board of Directors of business executives. Its mission is to help businesses start, grow and relocate in
Montgomery County
by helping them gain access to top talent, business and market intelligence and prime locations. For more information, visit our
website
. Follow us on
Twitter
,
Facebook
, and
LinkedIn
.
Contact:
Michael Mitchell
MCEDC,
Vice President, Marketing & Communications
240-641-6725
michael@thinkmoco.com
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SOURCE Montgomery County Economic Development Corporation
