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O’Malley Announces Money Raises For Venture Fund

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ANNAPOLIS, Md. (AP) — Gov. Martin O’Malley says $84 million has been raised for the venture capital fund known as InvestMaryland.

O’Malley made the announcement Thursday with Peter Greenleaf, the chairman of the Maryland Venture Fund Authority.

InvestMaryland was created last year to help innovative companies get started in the state. The money has been raised by an online auction of premium tax credits to insurance companies with operations in Maryland.

They are Agency Insurance, Chubb, GEICO, Hartford Insurance, IWIF, Med Mutual, Met Life, NY York Life, Selective and Travelers. They can claim tax credits beginning in 2015.

The first round of investments from the fund will be made this summer.

The program is being implemented through the Venture Fund Authority and the Maryland Department of Business and Economic Development.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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