NEWS: TEDCO Invests in Tourism Start-up Tuzmo
TEDCO Invests in Tourism Start-up Tuzmo
Tuzmo directly connects travelers with local artisans
COLUMBIA, Md. (October 20, 2022)—TEDCO, Maryland’s economic
engine for technology companies, announced today its Social Impact
Funds invested in Tuzmo, a platform that connects tourists to authentic
local artisans in destinations around the globe. TEDCO is committed to
fostering an inclusive entrepreneurial innovation ecosystem, and Tuzmo
proved a good match for TEDCO’s Builder Fund, part of the family of
Social Impact Funds.
Based in Gaithersburg, Md., Tuzmo is an app that connects travelers and
tourists with authentic artisans and craft persons. Using the app, artisans
can sell directly to a global customer community, cutting out the middle
and offering an economic benefit to the artisans. For travelers, Tuzmo
offers authentic crafts and unique visitor experiences.
“We thank TEDCO for funding and supporting our product. This funding
will help accelerate Tuzmo’s dual mission to bring economic opportunity
to millions of artisans of the world affected by the pandemic, and to enrich
the travel experience for tourists by helping them discover the most
authentic local crafts and souvenirs in a destination,” said Rana Saad,
Tuzmo’s CEO. “Tuzmo app is the world’s first platform connecting authentic local artisans with
the tourists and visitors, disrupting the final frontier of the travel industry with a TAM of $90B.”
TEDCO’s Social Impact Funds are purposefully designed to engage and invest in economically
underserved founders and communities. TEDCO wants to optimize the path to follow on
funding; many companies show a path to sustainability without the need for venture capital.
“TEDCO believes a diverse, equitable and inclusive startup community is the strength of our
entrepreneurial ecosystem. The Builder Fund recognized the potential for the truly disruptive
advantage and value proposition of Tuzmo’s app, and we are excited to be part of the company’s
growth story,” said Jean-Luc Park, the senior director of Social Impact Funds at TEDCO. “We
encourage other entrepreneurs to explore the Builder Fund, which invests with the goal of
helping startups reach meaningful milestones and become healthy companies.”
Funded companies are also provided resources like hands-on executive support, peer-to-peer
mentorship/collaboration, and networking opportunities.
If an entrepreneur does not qualify for the Builder Fund, they should be aware that Maryland has
a strong entrepreneurial ecosystem. There may be other resources available for startups to grow
their business; more information can be found using TEDCO’s online assessment.
TEDCO provides funding, resources and connections that early-stage technology and life
sciences companies need to thrive in Maryland. For entrepreneurs interested in applying for
TEDCO funding opportunities, visit https://www.tedcomd.com/funding.
TEDCO, the Maryland Technology Development Corporation, enhances economic
empowerment growth through the fostering of an inclusive entrepreneurial innovation
ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based
companies in Maryland. Learn more at www.tedcomd.com.
Chief Marketing & Communications Officer, TEDCO