Jones Pursuing New Opportunities
COLUMBIA, Md. (May 30, 2019)— The Maryland Technology Development Corporation (TEDCO), Maryland’s economic engine for technology companies, announced today that Andy Jones, chief investment officer of the Maryland Venture Fund (MVF) has resigned, effective June 7, to pursue other opportunities.
“We appreciate Andy’s service to TEDCO and wish him well in his future endeavors,” states Francis Smyth, chair of TEDCO’s Board of Directors.
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TEDCO’s Maryland Venture Fund is an early-stage, evergreen venture capital fund dedicated to funding and growing the next generation of outstanding businesses in Maryland. With more than $135M in assets under management, the MVF team partners with exceptional entrepreneurs and helps them build valuable companies that last.
“MVF has reached a strong cash position since coming to TEDCO in 2015 and has added a solid portfolio of 22 new companies that have created an average of 24 jobs per company for a total of over 500 jobs in Maryland,” states TEDCO CEO George Davis. “Andy is leaving the portfolio in good shape, so it’s well positioned for a new director,” states Davis.
MVF’s newest fund, the Maryland Innovation Opportunity Fund, has 11 portfolio companies that have created nearly 1,000 jobs and $82 million in payroll.
A recent study, https://www.tedcomd.com/sites/default/files/2019-02/TEDCO%202018%20Final.pdf, says TEDCO has generated significant economic and fiscal returns to the state.
The process of beginning a search for a new MVF director has begun. In the interim, Davis will assume the MVF leadership position.