Following a relatively robust Q2, Baltimore’s venture capital activity in the third quarter of 2024 looked sparse.
Companies from the Baltimore metropolitan statistical area raised $53.4 million across nine deals between July and September, according to the latest quarterly Venture Monitor report released by PitchBook and the National Venture Capital Association.
It’s an over 80% decrease in funds compared to Q2, which saw $371.3 million invested across 16 deals. It’s also a stark contrast to 2023 Q3, which saw $332.2 million in funds across 25 deals. The top raise, a Series D by the downtown/Inner Harbor fintech company Facet (formerly Facet Wealth) valued at $29.6 million, accounted for more than half of the funds. Moreover, an overwhelming majority of the region’s top raises in the region went to later-stage companies.
