Q2 2022 Investment Report
Diverse Set of Companies Across Greater Baltimore Raise $203 Million
In Q2 2022, Greater Baltimore once again proved its status as an investment location of choice. Across numerous industries and sub-industries, and across the Region’s diverse jurisdictions, the second quarter of 2022 highlighted Greater Baltimore’s ability to innovate and thrive. Investments in Greater Baltimore’s start-ups and early-stage companies totaled more than $203M in Q2 2022. This brings the total for 2022 to $376M, surpassing both 2019 and 2020 levels.
The over $203M raised in Q2 2022 does not include investments in real estate development, or in Greater Baltimore's existing high-value companies. This report also excludes deals with undisclosed amounts. Investments were tracked for companies at the Pre-seed, Seed, Series A, Series B, Series C, and Series D rounds, as well as Private Equity investments in early- and mid-stage growth companies.
After six mega-rounds of $100M or more in 2021, and one in Q1 2022, the second quarter’s large set of smaller investments might garner less headlines. However, across all deals, Greater Baltimore displayed a tremendous diversity of early-stage companies that will set up the Region for the mega-rounds of the future.
To start off Q2, SamCart raised $82 million to build out its ecommerce software at offices in Fulton (Howard County) and Austin, Texas. This was followed by an oversubscribed Series B round by another Fulton-based company, Enveil, which raised $25 million from a nation-wide set of investors. May and June saw large investments in CraniUS and Galen Robotics, both Baltimore-based medical technology companies, and internet security companies Bolt Labs (Baltimore City) and XONA Systems (Anne Arundel County). Also of note are $5 million investments in both Sunstone Credit and Sunrock Distributed Generation, with each Baltimore-based company focused on a different aspect of the renewable energy transition.
In total, twenty-one companies across Greater Baltimore received investments of more than $1 million in Q2 2022. These represent all but six of the twenty-seven total deals reported. Baltimore City led in deal count, with 20 deals valued at $82.8 million. Howard County saw fewer deals but a larger total value, with 4 deals valued at $110.3 million. Anne Arundel County saw one deal (XONA Systems) valued at $7.2 million, while Baltimore County (SharpRank) and Harford County (Alzprotect) each had one investment valued at $2.5 million and $300,000, respectively.
Across all deals at all investment levels, the Healthcare/Life Sciences led with 13 deals, 10 of which were in Baltimore City. This was followed by Information Technology/ Cybersecurity and a diverse group of Other industries, which each reported 7 deals. Among the other industries are ecommerce (SamCart), sports betting (SharpRank & G-Haven), alternative proteins (Mooji Meats), and aquaculture (Minnowtech).
Looking ahead to Q3 2022, Greater Baltimore has already posted another mega-round of $225 million for Delfi Diagnostics (Baltimore City) for its cancer blood tests. This investment brings the Region’s 2022 total above $600 million and within range of 2021’s record investment pace.