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Investments in Rockville companies exceed $455 million in 2023

In 2023, Rockville companies received $455 million out of $2.2 billion in investments throughout Montgomery County

Press Release published by Montgomery County Economic Development Corporation (MCEDC)

Montgomery County, Maryland, companies had a strong year of investment in 2023, with more than $2.2 billion generated through more than 100 deals. Companies in a wide range of industries, from life sciences and technology to manufacturing and real estate, brought in substantial investments, showcasing a positive economic direction going into 2024.

Life sciences companies in Montgomery County continue to be a powerful driver of investment, with more than $500 million dollars generated in 2023. Montgomery County anchors the thriving Biohealth Capital Region, which rose from #4 to #3 in the top 10 of U.S. biopharma clusters.

Recent highlights for Montgomery County’s ongoing life sciences success include:

  • Deka Biosciences closed $60 million to continue developing drugs for patients suffering from cancer and autoimmune diseases;

  • Welcoming Amgen to Montgomery County through a $28 billion acquisition of Horizon Therapeutics, now building its North American technical center in Rockville;

  • The impact of two life science leaders and soon-to-be neighboring companies:  MilliporeSigma and Horizon Therapeutics, together represent more than $500 million invested in new facilities;

  • Selecta Biosciences merging with Cartesian Therapeutics, which included a $60.25 million private financing deal for Cartesian.

“Deka Biosciences has grown exponentially as part of Montgomery County’s Business Innovation Network,” said Deka President & CEO John Mumm. “We wouldn’t be where we are without them. They have completely enabled us to grow faster than I’ve ever grown a company before,” he explained about the incubator facility.

Nine companies in the manufacturing sector received funding in 2023, including MasPanadas, a home-grown success story. With a recent influx of investment, MasPanadas is in the process of building a space that will triple its square footage to 18,000, while adding another 70 employees.

“Our company continues to thrive here with exceptional growth in annual sales and our client base including having our products in national grocery chains,” said Margarita Womack, founder of MasPanadas. “Montgomery County has been a great partner providing connections to programs, tax credit assistance and funding. We are excited about our growth and expansion plans.”

Another highlight in the manufacturing arena is Eat the Change, which received a $14 million venture capital investment. Co-owner Seth Goldman, who is also co-founder of PLNT Burger and Honest Tea, said: “Downtown Bethesda may not be Silicon Valley or Route 128, but with its active startup community and experienced workforce, it has served us well as the perfect location to launch and scale a mission-driven tea brand…twice! Our success with Honest Tea helped us launch Just Ice Tea in 90 days, and then close our Series A $14 million financing in just 60 days. Just Ice Tea, a product of mission-based Eat the Change, is now the nation’s top-selling organic tea brand and we look forward to continued expansion into mainstream channels.”

Technology leaders continue to thrive in Montgomery County, with close to 50 companies receiving funding. Companies include Quantum Xchange, GivHero, and Aledade. Rockville-based N5 Sensors received $2.5 million in funding for its proprietary cloud-connected ecosystem of smart sensors to keep people safe from environmental hazards. N5 Sensors’ CEO Abhishek Motayed says the company has grown from seven people to over 25 in their three years in Montgomery County. “We plan to open a second facility, a high-tech semiconductor manufacturing center, to support advanced R&D and product delivery for different critical markets from defense to environmental detection.”   

Montgomery County is a welcoming home to businesses with a diverse economy, top talent pools, access to funding and anchored by major federal agencies including the National Institutes of Health (NIH), the Food and Drug Administration (FDA) and the National Institute of Standards and Technology (NIST).

“By many measures, 2023 was a very good year for the Montgomery County economy and I applaud the successful efforts of the Montgomery County Economic Development Corporation,” said County Executive Marc Elrich. “We are expanding our economy by building on our strengths as well as opening our doors to new opportunities. We are better equipped to address challenging issues, and we are making progress. This was reinforced during our economic development trips to Taiwan, India, and Vietnam last year. People, around this nation and throughout this world, know Montgomery County, Md., as a welcoming and diverse place with a wealth of talent and plenty of possibilities. I am looking forward to more economic success in 2024.”

“The robust investment in Montgomery County companies is a testament to our pioneering spirit, diversity, and exceptional climate for business growth,” said Bill Tompkins, president and CEO of Montgomery County Economic Development Corporation. “While the country as a whole has experienced a downturn in funding, investments in Montgomery County businesses, especially in life sciences, continues to be strong.”

Here are the Rockville companies that raised funding through IPO, private funding and venture capital in 2023:

Accelerator/Incubator
Grant
Initial Public Offering (IPO)
Mergers & Acquisitions (M&A)
Private Equity
Seed
Venture Capital (VC)

 


 

View the entire list of Montgomery County companies here: Montgomery County, MD Investments in 2023

View the full press release here: https://thinkmoco.com/blog/2023-moco-investment

Business Spotlight: Lion Solutions

Taija "Taj" Thomas, President/Principal of Lion Solutions

“We Listen, We Observe, We Collaborate, We Deliver.”

What services does Lion Solutions offer?

Lion Solutions is an Enterprise Information Technology Services and Solutions company that delivers technology modernization for public sector government, non-profit and private organizations across Infrastructure Operations for Managed IT Services, IT Professional & Support Services, Operations & Maintenance, Data Center Management, IT Project Management, Continuity & Contingency Planning, IT Hardware & Software Procurement and IT Staffing.

What motivated you to start Lion Solutions?

I’m a native Washingtonian, raised in a single-family household and the oldest of 2 younger siblings. Technology was always an interest to me at a very young age, as video gaming with my Atari 2600 and Commodore 64 propelled my interest in technology. Through my middle-school and high school years I took any and every computer class that was available including “Introduction to Programming”, “Computer Applications”, “DBase” and “Early DOS 6.x”. I later attended Community College in Prince Georges County and transferred to Strayer College as a Computer Information Systems major. Later attended Computer Learning Center in Laurel, MD. and specialized in Network Information Systems and certified as Certified Novell Administrator – CNA back in 1997.

As I developed through my professional career as a subject matter expert, technical lead and mid-level manager which started in April 1998 through January 2016 across many disciplines in Enterprise IT Service delivery, it was time to take my next big step into the next level of leadership, which for me was Entrepreneurship. Lion Solutions was then born on January 19th, 2016.

What makes Lion Solutions unique?

Our approach and mindset to customer relationship building is key to our success as we have adopted the mindset of “We listen, We observe, We collaborate, We deliver” approach of doing business. My 26+ years of subject matter experience and technical leadership is the motivation to the way our team approaches “Leadership, Integrity, Opportunity and Network” LION which everyone is responsible for bringing this type mindset to the customer table. We also organically believe that “customer and community” are one in the same, so our community partners are just as important as our paying customer partners. We must engage and collaborate successfully with both audiences to truly drive change, opportunity and success!

Can you share a milestone that has defined your business’ presence in its industry?

We have a newer initiative that we are truly excited about that is scheduled for programming and launch in calendar Q2 ’24 called our “Career Catapult Bootcamp Program” which focuses on promoting and offering Information Technology training to minority and disadvantaged individuals who are either just newly interested in tech, seeking career change into tech, age discriminated in present job or justice impacted. This program is the bridge to tech-equity for those “who believe they can” or “wonder if I could” be that next tech professional. We focus on supporting and motivating the growth of filling the technology job shortage around technology professionals by providing this 12 – 15hr aggressive bootcamp program through our CompTIA Delivery Partnership. This program will be offered in the Washington, DC Metropolitan area as well as Charlotte, North Carolina in the later year. It’s going to be AMAZING outcomes in our community!

Why did you choose to run your business in Rockville?

I have been living in Montgomery County for almost 20 years and wanted to be sure my business was built in this community. I also spent most of my adolescence growing up in Prince Georges County (our neighboring county, much respect) and made a move to this community to be physically closer to my oldest child during her elementary years. There was a GovCon Incubator Program that provided the necessities, resources and business guidance to support the growth of small businesses that specialize in government contracting which brought our home base out to this specific Rockville community. We have most recently opened a second office presence in Silver Spring, MD.

About Lion Solutions

Lion Solutions is a certified disadvantaged small business that specializes in providing Enterprise IT Services and Solutions to public, private and non-profit organizations. With over 25+ years of experience delivering IT Enterprise Services to Federal Civilian Government we focus on delivering modernized solutions to support digital transformation efforts in driving those missions forward leveraging our customer collaboration focused approach of doing business into the future. Learn more about Lion Solutions at www.lionsolutions.com.