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2 Companies Will Receive $350,000 Total From Invest Maryland

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BALTIMORE (AP) — Maryland’s venture capital fund has announced that two tech companies in the state will get a total of $350,000.

Gov. Martin O’Malley made the announcement on Monday.

A Baltimore firm called SocialToaster has received approval for $200,000. The company specializes in social media and customer engagement.

ReelGenie, a new online service in Silver Spring, will get $150,000. The company creates videos from a customer’s photo and digital media.

The venture capital fund is called Invest Maryland. It was created in 2011 to increase public and private venture capital in Maryland. In March 2012, the state raised $84 million for the program through an online auction of tax credits to Maryland insurance companies.

The program is run by the Maryland Department of Business and Economic Development and the Maryland Venture Fund.

(Copyright 2013 by The Associated Press. All Rights Reserved.)

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