Montgomery Co. businesses land record investments

Money raised through private investors, venture capitalists and initial public offerings by businesses in Montgomery County, Maryland, has reached a record $18 billion through the first three quarters of 2021.

That compares to $4 billion for all of 2020.

The Montgomery County Economic Development Corporation reports notable funds raised by a total of 76 companies based in the county. The companies represent a variety of industries,  including life sciences, health technology and media.

Some of that funding has gone to startups working on the next generation of computing, and Montgomery County, and Maryland are in a position to be at the forefront of quantum computing.

“The University of Maryland College Park is a national leader in Quantum Computing. We see Quantum Computing revolutionizing not just our commercial sector, but also national security. And the niche that we can continue to fill is with the intersection of Quantum and life sciences,” said Ben Wu, president and CEO of the Montgomery County Economic Development Corporation.

Among the largest privately funded investments in the county this year was Microsoft’s acquisition of Rockville-based ZeniMax, the parent company of video game maker Bethesda Game Studios, for $8.12 billion. Another was Horizon Therapeutics $2.65 billion acquisition of Gaithersburg-based biotechnology company Viela Bio.

The largest IPO in Montgomery County this year was Gaitherburg-based Xometry, which provides AI-enabled manufacturing equipment. It raised $301.5 million in its initial public offering on the Nasdaq in June.

“The recent funding surge is a testament to our local companies and investors who recognize the abundance of assets and paths to success in Montgomery County. And it is another indicator that our economy is resilient and heading toward a full recovery,” said Wu.

Below are the top investment raises in public offerings, private funding and IPOs in Montgomery County through the first three quarters of 2021. An expanded list is available online.

(Courtesy The Montgomery County Economic Development Corporation)

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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