SOURCE: Blue Chip Venture Company

May 22, 2006 16:00 ET

Blue Chip Director Named to State of Maryland Venture Fund Board

CINCINNATI, OH -- (MARKET WIRE) -- May 22, 2006 -- Blue Chip Venture Company today announced that the State of Maryland Venture Fund has selected Blue Chip Director Christopher McCleary to join its Board of Advisors and Investment Committee. Blue Chip recently tapped McCleary to open an office in Maryland to expand its presence in the Mid-Atlantic region. Prior to Blue Chip, McCleary founded and/or ran several companies, including DIGEX, USinternetworking and Evergreen, located in this region.

The Maryland Venture Fund, started in 1994, is a seed and early-stage equity fund professionally managed and part of the Maryland Department of Economic Development. The Fund is an evergreen fund that receives annual allocations from the Maryland State Legislature. The Fund makes direct investments in technology and life science companies. Approximately 60 percent of the Fund is invested in technology companies in the areas of software, communications and IT security, and 40 percent of the Fund is invested in life sciences companies in the areas of therapeutics, medical devices and diagnostics. This investment activity has helped to create over $1 billion of private equity investments in the state.

The Maryland Venture Fund has earned the Excellence in Economic Development Award from the U.S. Department of Commerce for its innovative strategies in economic development. The Awards are presented each year to showcase best practices, highlight outstanding results and honor innovative economic development strategies of national significance.

The Maryland Venture Fund has a superior track record of investing in some of the most promising technologies in the state. The Fund has two investment vehicles: the Challenge Investment Program, which has invested $10.8 million in over 125 investments since 1994, and the Enterprise Investment Fund, which has invested in 63 companies. The current cost basis for these investments is $27 million.

Blue Chip's McCleary joins eight other professionals, including venture capitalists Tom Dann of eCentury Capital and Frank Bonsal of Red Abbey Venture Partners, on the advisory board that also serves as the Fund's investment committee. The board meets monthly to approve the Fund management's recommended investments. "Governor Ehrlich and Aris Melissaratos, Secretary of the Maryland Department of Business and Economic Development, have done a fabulous job of creating an environment in Maryland for start-up and entrepreneurial companies. Blue Chip is honored to have a representative on the board of the fund and will work hard to continue the success," said McCleary.

About Blue Chip Venture Company

Blue Chip Venture Company is a Cincinnati-based venture capital firm with $600 million under management and investments in over 100 companies. As a partner with management, Blue Chip invests in and helps develop Investment and Business Building Programs for privately owned growth companies. Blue Chip focuses on investments in the enterprise software, technology infrastructure, healthcare and media and marketing industries. Investments are made in companies that are in the early and growth stages as well as in companies that are more established and require expansion or acquisition capital. Visit www.bcvc.com.

Contact Information

  • Contact:
    John H. Wyant
    Managing Director
    Blue Chip Venture Company
    513.723.2300

    Contact:
    Christopher R. McCleary
    Director
    Blue Chip Venture Company
    410.266.7375