InvestMaryland Program Invests In Silver Springs And Baltimore Tech Start-Up Firms
Area Development Online News Desk (07/29/2013)
Two Maryland tech companies, Silver Springs-based ReelGenie in and Baltimore-based SocialToaster, received investments totaling $350,000 through the State’s InvestMaryland program, created by Governor Martin O’Malley and the state’s General Assembly to make venture capital investments in promising startups in high-tech, high-growth fields.
The State invested $200,000 in SocialToaster, a firm specializing in social media and customer engagement, and $150,000 in ReelGenie, a new online service that creates high-quality videos from a customer’s photos and digital media.
“Supporting our entrepreneurs, startups and small businesses is a top priority for Maryland as we grow our Innovation Economy. Our high-tech entrepreneurs place Maryland at the forefront of innovation and discovery,” said Gov. Martin O’Malley. “We're pleased to make these investments in ReelGenie and SocialToaster, as well as the many others that have benefited from the InvestMaryland program, and we look forward to their future growth and success in our State.”
Located in Baltimore, SocialToaster helps businesses amplify their marketing messages by using their biggest fans to enhance brand awareness, increase and improve website traffic, and expand social media engagement.
“SocialToaster has been committed to the State of Maryland and to Baltimore City since our inception, and we're excited to have that commitment validated by the Maryland Venture Fund. It’s important to us that we maintain strong ties to the community and contribute to the growth of technology innovation in the region,” said SocialToaster cofounder and CEO Brian Razzaque. “The support of the Maryland Venture Fund will help us to not only grow nationally, but to continue to strengthen our roots right here in our own backyard with other great regional organizations.”
ReelGenie, located in the Silver Spring Innovation Center, has four employees and plans to add marketing, software development and business development staff following an $850,000 round of seed investment. In addition to the Maryland Venture Fund, other investors include CNF Investments, investor Cal Simmons and others. ReelGenie’s video service enables people to easily create videos about weddings, vacations, family reunions and other events by transforming a variety of multimedia content, including photos, video clips, narration, music and text, into dynamic films, the Govorner’s Office said.
“ReelGenie is honored by the strong support shown by the State of Maryland and the Maryland Venture Fund,” said David Adelman, ReelGenie’s founder and CEO. “More than ever, consumers are telling the stories of their lives, both online and offline, through photos, videos, and narratives. ReelGenie empowers them to organize this wealth of data and publish it in a compelling way. We make it easy to create a video with the same quality as a professionally produced movie. We’re encouraged by the overwhelming interest in ReelGenie from users, partners, and investors.”