Bandhappy receives $100,000 from the fund that supports entrepreneurs and start-up companies in Baltimore City
COLUMBIA, Md. (April 2, 2013) – Music teachers and aspiring musicians across the world will benefit from Propel Baltimore’s first investment. The Maryland Technology Development Corporation (TEDCO), in collaboration with The Abell Foundation and the France-Merrick Foundation, announced that Bandhappy, a new music marketplace that connects teachers and students in a one-of-a-kind music community, is the first company to receive an award from the Propel Baltimore Fund. The Propel Baltimore Fund is a $4.3 million angel investment fund for entrepreneurs and start-up companies located in Baltimore City. Through the fund, companies may receive maximum investments up to $250,000.
“We created the Propel Baltimore Fund to support the establishment and development of promising businesses in Baltimore City, and Bandhappy exemplifies talent and growth potential,” said Abell Foundation President Robert C. Embry, Jr. “Baltimore is home to many companies that are hard at work making contributions and developing solutions that will change the modern-day marketplace. We look forward to backing more companies and wish Bandhappy continued success.”
Bandhappy connects music teachers and students by offering in-person lessons or online lessons anywhere on the planet via a custom-built, in-house video chat system. Musicians can use Bandhappy for instant access to a readily available pool of potential students so they can teach whatever they want, whenever they want, wherever they want. Through the site, students have a unique opportunity to interact with and learn from their favorite performers. Bandhappy provides access to lessons with a teacher of their choice from an impressive roster of professionals from all music genres. The company was co-founded by Matt Halpern and Jonathan Rivlin. Halpern is the lead drummer for the progressive metal band Periphery and was recently named one of the top drummers in the world by Modern Drummer Magazine. Rivlin is a classically-trained clarinetist and touring musician turned accountant. The company is led by technology entrepreneur Andy Meister who serves as president.
“Propel is pleased to provide financing to support the growth of Band Happy – with their unique distribution model, great partners, and local talent, we believe they will go far,” said Jack Lewin, Chairman of the TEDCO Board of Directors and Vice President of M&T Bank. “Propel Baltimore allows companies like Bandhappy to keep growing, to reach further and get to the next stage of success faster. We created the fund in partnership with The Abell Foundation and the France-Merrick Foundation in response to Baltimore entrepreneurs being outspoken about the need for more early-stage support, and we are very proud to make our first award.”
The Propel Baltimore Fund is available to companies with new technology ideas or innovation-focused business plans that are currently based in or are willing to relocate to Baltimore City. The fund will lead investments into these companies and will require matching funds from other investors to go along with the Propel Baltimore Fund capital. The initial investment into each company will be $100,000 to $200,000 with a maximum total investment of $250,000. The Propel Baltimore Fund is seeking start-ups that can provide returns to investors in five to seven years.
Click Below For A Photo of the Closing
Bandhappy Closing Presentation
General guidelines and an application for the Propel Baltimore Fund can be found on the TEDCO website. Entrepreneurs interested in applying for the fund may contact Randy Domolky, Managing Director at TEDCO, by phone at 410-715-4180 or by email at rdomolky@tedco.md.
The Abell Foundation, Inc. is a nonprofit dedicated to enhancing the quality of life in Baltimore and Maryland. It also allocates a portion of its investment portfolio to direct investments in innovative technologies and early-stage companies that have exceptional social, environmental and economic return potential, including energy efficiency and alternate energy. For more information, visit http://www.abell.org/.