TEDCO Announces SSBCI Investment in Rendr
Maryland-based company developed a technology solution for contractors
COLUMBIA, Md. (January 3, 2024) – TEDCO, Maryland’s economic engine for technology companies, announced a recent $300,000 State Small Business Credit Initiative (SSBCI) investment in Rendr. The SSBCI investment came through TEDCO’s Seed Funds.
“We saw an opportunity to improve processes, merging contract work with technology to create more efficiency,” said A.J. Ballantine, founder and CEO of Rendr. “Thanks to TEDCO’s investment we can continue expanding our efforts, bringing more efficiency to home improvement and renovation projects.”
Rendr, based in Ellicott City, Md., developed a technology solution to help simplify and support remodeling processes for both contractors and buyers. Through their app, users can leverage digital tools, eliminating the need for time-consuming hand-drawn floor plans while simultaneously providing more comprehensive data for consideration. The program allows for the elimination of the first in-person field measurements, giving time back to customers and prospective businesses by allowing for a faster answer.
“Having experienced contractors support the development of their app, Rendr’s technology-based solution could support not only the workers through the process, but the customers as well,” said Teddy Gresser, TEDCO’s director, Seed Funds. “Furthermore, the Rendr team has created an app with the potential to expand into other markets and support more efficient processes for other industries.”
TEDCO’s Seed Funds invest in companies that show promise of becoming venture fundable or companies that, with a seed investment, will be sustainable through customer revenue, follow-on funding, or other forms of corporate venture. For more information about TEDCO’s Seed Funds, visit https://www.tedcomd.com/funding/seed-funds.
Moreover, TEDCO’s SSBCI funds came from Maryland’s SSBCI funds. Maryland chose TEDCO to be one of the various stewards of this essential funding, allowing for more investments in target communities and areas with small, micro, and Socially and Economically Disadvantaged Individual (SEDI) businesses.