Governor O’Malley, Lt. Governor Brown Announce $600,000 Growth Investment in Rockville-Based Technology Firm
October 15th, 2014
ANNAPOLIS, MD – The Maryland Venture Fund (MVF), the equity investment arm of the Maryland Department of Business and Economic Development (DBED), has invested $600,000 in Rockville-based Motionsoft, a leading provider of management software to gyms and fitness clubs. The investment comes as part of a $10 million Series B investment round led by Route 66 Ventures and included Edison Ventures as a co-investor. The State of Maryland’s investment is part of a multifaceted effort led by Governor Martin O’Malley to stimulate growth and job creation among high-tech startup companies in Maryland.
“We’re growing Maryland’s economy by investing in education, innovation, and infrastructure,” Governor O’Malley said. “Today’s investment is part of our focus on innovation — we are committed to supporting our entrepreneurs, innovators, startup companies and small businesses like Motionsoft because, in addition to being the future leaders of our economy, they are creating the jobs of today and tomorrow.”
“By investing in high-tech startups like Motionsoft, we’re ensuring that Maryland is a state where businesses want to stay and grow while also creating family-supporting jobs for our highly-trained workforce,” said Lt. Governor Brown. “The Maryland Venture Fund plays an important role in supporting our cutting edge startups, and we will continue to support our small business owners and entrepreneurs to help them create jobs and grow Maryland’s economy.”
“Maryland’s high-tech community is growing rapidly thanks to Governor O’Malley and MVF’s investment focus,” said Al Noshirvani, CEO of Motionsoft. “This investment from the Maryland Venture Fund allows Motionsoft to continue to capture the attention of top talent that drives our market growth and innovation. This is something we can all be proud of.”
Motionsoft’s leadership in member relationship management software (MRMS) and payment services is redefining health club management while enabling fitness operators to connect better with their members. For more information on Motionsoft, visit www.motionsoft.net
The Maryland Venture Fund is a regionally recognized leader in seed and early-stage investing and a national model for state-supported investment programs. With nearly two decades of experience and numerous successful investments, MVF invests in highly innovative technology companies across the full range of industry sectors including software, communications, cybersecurity and life sciences companies in the areas of healthcare IT, medical devices and diagnostics.
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State’s many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. For more information, visit business.maryland.gov.