TEDCO, Maryland’s economic development engine, has chosen Collide Capital as an early-stage venture capital fund manager to manage and invest up to $10 million from the U.S. Department of Treasury’s State Small Business Credit Initiative (SSBCI) funding.
Collide Capital is a $66 million, Black-owned firm focused on funding entrepreneurs who tackle pressing challenges. The firm has supported over 50 founders, with more than 80% identifying as Black, Latine, and/or female.
This selection follows TEDCO’s announcement of receiving up to $50 million in SSBCI funding, which supports its Venture Funds, Seed Funds, and Social Impact Funds. Collide Capital joins 100KM Ventures and AIN Ventures as fund managers for this initiative.
KEY QUOTES:
“TEDCO’s commitment to creating opportunities aligns with our goals of ensuring capital goes to the most deserving applicants rather than the most privileged. With this funding, we are excited to better support the Maryland entrepreneurial ecosystem and look forward to working with TEDCO to help the ecosystem flourish.”
Brian Hollins, co-founder and managing partner of Collide Capital
“This allocation reflects TEDCO’s continued commitment to supporting the growth of an inclusive and sustainable merit-based ecosystem across the state. Through our collaboration with Collide Capital, we are hoping to expand our reach, support more underserved individuals, bridge gaps in the system and allow for innovative advancements.”
TEDCO CEO, Troy LeMaile-Stovall
