The startup picture in Baltimore

Venture capital is present but not deep enough to define the city. Outside money has reached 556 tracked companies, while nearby funded-startup counts are 996 in Philadelphia and 820 in Pittsburgh. Baltimore has a platform for scaling, but the regional comparison is sobering.

Startups in Baltimore - Funding, Founders & Investors

Everything startup in one place: who's building, how the landscape clusters, the people and investors behind it, and whether the capital is real.

Stanley Black & Decker

Digital Tool Ecosystem for Builders

est. 1843 · 50,500 staff · raised outside money

James Loree — President & CEO

Pandora

Jewlery brand and retailer

est. 1982 · 27,480 staff · raised outside money

Alexander Lacik — CEO

Laureate

Network of campus-based & online universities offering undergraduate and postgraduate degree programs

est. 1998 · 24,000 staff · raised outside money

Eilif Serck-Hanssen — Chief Executive Officer

Giant Food

Online grocery delivery expansion

est. 1936 · 20,000 staff · raised outside money

Gordon Reid — CEO & President

Under Armour

Performance apparel with integrated fitness tech

est. 1996 · 16,400 staff · raised outside money

Kevin Plank — Founder · University of Maryland

Erickson

Developer of senior living communities

est. 1983 · 15,000 staff · raised outside money

R Butler — CEO · University of Maryland

McCormick

Brand of spices & seasonings

est. 1889 · 13,800 staff · raised outside money

Daniel Zoltan Moorfield — President

Brendan Foley — CEO & President

McCormick

Global leader in flavor with commitment to sustainability

est. 1889 · 13,800 staff · raised outside money

Lawrence Kurzius — CEO & President

T. Rowe Price

Investment Management & Advisory Services

est. 1937 · 7,906 staff · raised outside money

William Stromberg — CEO

Robert W Sharps — CEO

CareFirst

Provider of healthcare insurance services

est. 1934 · 5,503 staff · raised outside money

Brian D Pieninck — CEO & President

Chet Burrell —

LEARN Behavioral

Online Autism Education & Management Platform

est. 2007 · 5,077 staff · raised outside money

Michael Maloney — Founder & CEO · Bachelor Of Arts (B.A.) CUA

Williams Scotsman

Temporary space and storage solutions provider with a wide range of services.

est. 1955 · 5,000 staff · raised outside money

Brad Soultz — CEO

Bradley Soultz — CEO

Lupin Pharmaceuticals

Global Generic Medication Distribution

est. 1968 · 4,965 staff · raised outside money

Vinita Gupta — CEO

Airpax

Distributor of electronic components

est. 1947 · 2,800 staff · raised outside money

Jeffrey Cote — CEO & President · Florida Atlantic University

Morgan State University

Morgan State University: A High Research Institution

est. 1867 · 2,064 staff · raised outside money

Benjamin Brown — ex-Co-Founder

Samuel Green — ex-Co-Founder

Apex Tool Group

Inclusive and Innovative Team for Tool Building

est. 2010 · 1,508 staff · raised outside money

James Roberts — CEO

Mariner Finance

Traditional Financial Institution with Personalized Offers

est. 1937 · 1,461 staff · raised outside money

Joshua Johnson — CEO & President

Prometric

Prometric: Tech-Enabled Global Assessment Services

est. 1990 · 1,345 staff · raised outside money

Stuart Udell — Chief Executive Officer

Michael Brannick — President and CEO · Niagara University

Legg Mason

Legacy Asset Management Firm with Global Distribution

est. 1899 · 1,127 staff · raised outside money

Joseph Sullivan — CEO & Chairman

Terence Johnson — Managing Director

Element

Fleet Management & Financing Platform

est. 1946 · 1,036 staff · raised outside money

Jay Forbes — CEO

Ameritox

Pain Medication Monitoring with Lab & Practice Tools

est. 1996 · 800 staff · raised outside money

A. Scott Walton — CEO

Brown Advisory

High-net-worth financial advisory services

est. 1993 · 770 staff · raised outside money

Paul Chew — Partner

Michael Hankin — CEO & President

University of Maryland Medical System

UMMS Digital Health Initiative: Enhancing Patient Care Through Technology

est. 1984 · 729 staff · raised outside money

Robert Chrencik — President & CEO

Medifast

Provider of wellness center

est. 1981 · 634 staff · raised outside money

Mark Zulaba — Co-Founder

William Vitale — Co-Founder

cluster · 798 companies

Business Services

58 founded since 2018 · 25 funded

Sub-themes

marketing services · 163it services · 111legal services · 87hr services · 63services for nonprofits · 61event management services · 51

e.g. Vertis Communications, jensen hughes, NAACP

cluster · 442 companies

Real Estate And Construction

35 founded since 2018 · 19 funded

Sub-themes

real estate & infrastructure developers · 74architects · 53building materials · 52construction contractors · 48real estate brokers · 45property management services · 28

e.g. Stanley Black & Decker, Erickson, Brightview Senior Living

cluster · 434 companies

Healthcare

40 founded since 2018 · 56 funded

Sub-themes

rehabilitation and long-term care · 92services for healthcare providers · 61clinic chains · 60fitness and wellness centers · 25biopharma outsourcing · 20hospitals · 17

e.g. Johns Hopkins Medicine, LifeBridge Health, CareFirst

cluster · 366 companies

Consumer

71 founded since 2018 · 37 funded

Sub-themes

b2c e-commerce · 72professional consumer services · 46fashion tech · 34temples and religious trusts · 30sports services · 29local services · 21

e.g. wall street english, Element, catholic charities

cluster · 294 companies

Enterprise Applications

59 founded since 2018 · 64 funded

Sub-themes

enterprise software · 73saas · 64hrtech · 58marketingtech · 53healthcare it · 21artificial intelligence · 20

e.g. Millennial Media, BHS, Catalyte

cluster · 224 companies

Retail

50 founded since 2018 · 28 funded

Sub-themes

internet first brands · 40fashion tech · 36b2c e-commerce · 33horizontal e-commerce · 25beauty tech · 20b2c fashion e-commerce · 16

e.g. Pandora, SZCO, QL2

cluster · 208 companies

Financial Services

13 founded since 2018 · 17 funded

Sub-themes

asset management · 40finance & accounting services · 35services for investment industry · 23banks · 21insurance carriers · 17insurance distribution · 15

e.g. T. Rowe Price, CareFirst, Aegon Asset Management

cluster · 205 companies

Life Sciences

52 founded since 2018 · 117 funded

Sub-themes

oncology · 35life sciences platforms and tools · 34genomics · 28neurology · 18infectious diseases · 16life sciences tech · 16

e.g. Ameritox, Osiris, Delfi Diagnostics

cluster · 196 companies

Healthtech

67 founded since 2018 · 64 funded

Sub-themes

healthcare it · 91fitness & wellness tech · 24disease self management · 21healthcare booking platforms · 18enterprise software · 18life sciences tech · 15

e.g. Ameritox, Coronis Health, BHS

cluster · 191 companies

Education

16 founded since 2018 · 14 funded

Sub-themes

higher education institutions · 52k-12 schools · 34educational support services · 33continuing education centres · 32afterschool programs · 9early education & child care centres · 9

e.g. Johns Hopkins Medicine, Laureate, University of Maryland

Founder & Background	Role	Company
Eilif Serck-Hanssen Laureate Education, ex-Laureate International Universities, ex-Eos Airlines, The University of Chicago Booth School of Business, 2	Chief Executive Officer	Laureate
Kevin Plank Founder Under Armour.	Founder	Under Armour
R Butler University of Maryland 1986, Loyola University Maryland MBA 1994	CEO	Erickson
Michael Maloney Smithsonian Institution. The Catholic University of America.	Founder & CEO	LEARN Behavioral
Jeffrey Cote Sensata Technologies, ex-Ropes And Gray, ex-Digitas, Florida Atlantic University, 1989	CEO & President	Airpax
James Roberts CEO The Chamberlain Group, The Stanley Works. The University of Delaware	CEO	Apex Tool Group
Stuart Udell Prometric, ex-Achieve3000, ex-National Dropout Prevention Center, Columbia Business School, 1993	Chief Executive Officer	Prometric
Michael Brannick Prometric, ex-The Thomson, ex-Petersons, Niagara University, 1976	President and CEO	Prometric
Paul Palmieri Co-Founder & CEO Millennial Media	Co-Founder & ex-CEO	Millennial Media
David Doyle Green Chair Partners, ex-Freelance, ex-Crt Division Of Coronis Health, Western Michigan University, 1976	Founder & CEO	Coronis Health
Stephen Grubbs Ex-CareFusion, SoftMed, QuadraMed. Virginia Tech - Pamplin College of Business MBA	CEO	Coronis Health
Marco Chacon Founder-IRAZÚ BIO. University of Maryland PhD.	Ex-Founder & CEO	Paragon Bioservices
Lode Debrabandere Axocell, ex-Remynd, ex-Aziyo Biologics, KU Leuven, 1992	President & CEO	Osiris
Rebecca Flood CEO New Directions for Women, ex-Seabrook House. Lincoln University 2002	CEO & President	Ashley Addiction Treatment
Delali Dzirasa Founder & CEO Fearless, ex-Hack Baltimore, Digital Services Coalition, DevOpsDays Baltimore, BYP, AFCEA International. University	Founder and CEO	Fearless
Michael Rosenbaum Catalyte, ex-Anthem Holdings. Harvard University BA 1994, LSE MSc 1995, Harvard Law School JD 1998	Founder & Chairman	Catalyte
Matt Turpin ex-Spirent Communications, Hekimian Laboratories. University of Maryland College Park	CEO & President	ZenTech
Cfp Brent Weiss Chfc Facet, ex-Brotman Financial, ex-Fusion Advisor Network, University of Notre Dame, 2005	Co-Founder & Head of Financial Wellness	Facet
Patrick McKenna Founder HighRidge Ventures, Catalyst Opportunity Funds, One America Works, Comeback Capital. University of Southern California BS	Co-Founder	Facet
Christopher Cullison Ex-Accuvant. Stevenson University BS 1997	Co-Founder	ZeroFOX

backgrounds shown where available

183 investors are on record backing Baltimore companies. The most committed:

Most active — backed 2+ companies

HHS

New Enterprise Associates

Bessemer Venture Partners

KKR

Sterling Partners

Milestone Partners

ValueAct Capital

Warburg Pincus

NewStar Financial

ABS Capital

Eagle Private Capital

NewSpring

Institutional

New Enterprise Associates · VC fundBessemer Venture Partners · VC fundCore Capital Partners · VC fundComcast Ventures · VC fundValhalla Partners · VC fundArc Capital Development · VC fundSequoia Capital · VC fundBain Capital Ventures · VC fundSutter Hill Ventures · VC fundColumbia Capital · VC fundCRV · VC fundEniac Ventures · VC fundActa Wireless · VC fundRelay Ventures · VC fund+ 57 more

Private & corporate backers

HHSKKRSterling PartnersMilestone PartnersValueAct CapitalWarburg PincusNewStar FinancialABS CapitalEagle Private CapitalNewSpring+ 102 more

hover a name to see who they backed

Funded startups — peer cities

Philadelphia

996

Pittsburgh

820

Baltimore

556

284Milwaukee

273Washington

Companies that have raised

Company	Industry	Rounds	Latest Round	Founded
Brown Advisory	financial services	4	2023-02	1993
Prometric	information technology and services	2	2019-12	1990
Vertis Communications	marketing and advertising	1	2010-12	1967
USALCO	chemicals	1	2020-06	1979
CraniUS	medical devices	3	2024-06	2021
Lightningcast	media and information services (b2b)	2	2004-07	1999
Terbium Labs	computer & network security	5	2021-03	2013
Arcion Therapeutics	medical practice	5	2012-10	2007
STAQ	internet	5	2017-12	2012
Noxilizer	medical devices	6	2013-09	2004
Ruxton Pharmacy	pharmaceuticals	1	2004-07	1917
OBM	mining & metals	1	2022-06	2018
VetCentric	pharmaceuticals	1	2010-10	1999
Hord Coplan Macht	architecture & planning	6	2022-09	1977
New Sapience	computer software	3	2018-04	2012
Cage Pharma	biotechnology	2	2024-05	2017
Paraclete	health, wellness and fitness	2	2023-07	2021
NextStep Robotics	biotechnology	3	2023-12	2017
Kubanda Cryotherapy	medical devices	3	2024-04	2018
Vizual.AI	online media	1	2017-02	2016
Basys	computer software	2	2014-09	1977
Avhana	hospital & health care	3	2015-07	2014
Monument City Brewing	beverages	1	2016-05	2013
Maryland Sound	other commercial services	1	2022-03	1966
iBar	business/productivity software	1	2023-08	2019

round amounts sparse for tier-3 cities — counts shown, dollar totals withheld

Company	Industry	Founded	Employees
Art With A Heart	non-profit organization management	2026	—
Bimeo Digital Solutions	computer software	2026	—
Brides Club	internet	2026	—
Harp Home	real estate	2026	—
Monument Traders	market research	2026	—
True Metrics	marketing and advertising	2026	—
TeachMateAi	education management	2025	—
Cafe Noury	food & beverages	2025	—
IDB Global	banking	2025	—
Kitzmiller Appraisals	real estate	2025	—
TechMate AI	computer software	2025	—
Notepath	computer software	2025	—
SIEGE	computer software	2025	—
Stockaivisor	financial services	2025	—
Wind Tunnel	renewables & environment	2025	—
Paleo Lab	biotechnology	2024	—
Algofyre Tech LLP	financial services	2024	—
AnnieGuard	biotechnology	2024	—
ARLS Properties	real estate	2024	—
Bellis Baby	retail	2024	—

The startup picture in Baltimore

Stanley Black & Decker

Pandora

Laureate

Giant Food

Under Armour

Erickson

McCormick

McCormick

T. Rowe Price

CareFirst

LEARN Behavioral

Williams Scotsman

Lupin Pharmaceuticals

Airpax

Morgan State University

Apex Tool Group

Mariner Finance

Prometric

Legg Mason

Element

Ameritox

Brown Advisory

University of Maryland Medical System

Medifast

Business Services

Real Estate And Construction

Healthcare

Consumer

Enterprise Applications

Retail

Financial Services

Life Sciences

Healthtech

Education

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