TEDCO’s Seed Fund Invests $200K in Maryland Technology Startup, Completing $850K Investment Round
TargetDocs provides a platform to streamline construction project file correspondence & communication
COLUMBIA, Md. (April 20, 2021)—TEDCO, Maryland’s economic engine for technology companies, announced today its Seed Fund invested $200K in TargetDocs, a Maryland-based technology startup. TEDCO’s Seed investment is part of an $850K funding round, which includes University System of Maryland Momentum Fund (Momentum Fund), the Hustle Fund, New Age Capital, Debut Capital, Dingman Center Angels, and Gaingels.
TargetDocs, based in Montgomery County and led by CEO Joseph Leiva, is a construction communication platform that streamlines project file correspondence between general contractors and all of their subcontractors in one place.
After graduating from the A. James Clark School of Engineering at the University of Maryland, Leiva joined his family’s construction business where he saw firsthand the need for a communication management tool tailored to the construction industry. TargetDocs was developed to help connect subcontractors and general contractors through one catch-all workspace, so that files do not fall through the cracks and projects can be kept on time and on budget.
“It is rewarding for all of us in the Maryland innovation ecosystem to see numerous investment groups and innovators come together to support a company like TargetDocs,” said Jack Miner, chief investment officer at TEDCO. “We are one small part in the process and are excited about the prospects for all of the investments in TEDCO’s Seed Funds portfolio. TargetDocs is in an interesting space where there are a lot of moving parts that must be completed accurately and on time. We look forward to seeing their progress in the market.”
TEDCO’s Seed Fund invests in early-stage, technology and life sciences companies and includes gap financing. The most recent round of funding, $200K to TargetDocs, came from its Cybersecurity Investment Fund. For information on how to access TEDCO investment applications for Maryland technology startups, please visit https://www.tedcomd.com/funding.
The USM Momentum Fund provides investment for promising technology ventures born out of USM’s 12 institutions. The USM Momentum Fund invested $250K in TargetDocs.
“As a former project manager for solar projects, this tool would have been very helpful to manage construction projects,” said Claire Broido Johnson, managing director of the Momentum Fund. “Joe Leiva, the CEO of TargetDocs, has built an impressive tool—he’s a natural entrepreneur and we’re excited to contribute to the growth of TargetDocs.”
The USM Maryland Momentum Fund provides investment for promising technology ventures born out of USM’s 12 institutions. The Momentum Fund helps early-stage companies move beyond grant funding and early stage seed investors to position themselves for commercial launch or to reinforce commercialization at the early revenue stage. The Momentum Fund is continuing to invest in companies affiliated with the USM despite the COVID-19 pandemic and encourages applications through the Fund website at www.momentum.usmd.edu.
“As the largest investor network focused on supporting and investing in the best venture-backed companies that embrace and value diverse leadership, including LGBTQ+, Gaingels is proud of participating in this financing,” said Lorenzo Thione, managing partner of Gaingels. “We are committed to helping TargetDocs build a successful and inclusive business, and a culture that reflects the diversity of its executive teams, staff, and customers.”
About the USM Momentum Fund
The Maryland Momentum Fund is an initiative of the University System of Maryland (USM) to provide late seed investment funding for promising technology ventures that come out of any of the 12 constituent USM institutions, its research parks, and its students, faculty, or graduates. With a $10M commitment from the USM already in place, the Fund co-invests with venture capitalists, foundations, and angel investors.
The Maryland Momentum Fund, which was established by the USM Board of Regents to support promising commercial opportunities arising from advances in research and intellectual property at USM campuses, has invested in 22 startups to date: MF Fire, NextStep Robotics, the North American Wave Engine Corporation, Zest Tea, PaverGuide, Retrium, Veralox Therapeutics, Gemstone Biotherapeutics, Neoprogen, Minnowtech, ARMR Systems, Infercabuary, Datakwip, pathOtrak, KaloCyte, N5 Sensors, MiRecule, VisiSonics, Voxy EngGen, Dynamhex, and Qualytics The Fund is designed to create returns and support USM’s most innovative ideas as they enter the marketplace. Learn more at www.momentum.usmd.edu.
Gaingels is the leading investment syndicate in support of and representing the LGBTQ community and allies in the venture capital space. With over $220,000,000 deployed into a portfolio of over 400 companies since 2018, Gaingels invests in companies with LGBT founders and C-suite leaders at all stages of growth, as well as in other high-growth companies resolved on building more inclusive teams. Gaingels is a founding co-signer of the Diversity Term Sheet Rider Initiative to increase access to venture funding events for non-traditional check writers, and regularly co-invests with select VC leads across a variety of sectors, from Seed to Growth/pre-IPO. For more information visit www.gaingels.com.
TargetDocs helps general contractors and subcontractors work together in a collaborative workspace to improve their project lead times and maintain compliance by ensuring their project files and correspondence never get lost or mismanaged. www.targetdocs.com
Contact – USM
Contact – Gaingels
Paul Grossinger, Founder
Contact – Target Docs
Joe Leiva, CEO