Old Line Capital Partners announced today that
they have made a significant investment in CarrTech LLC, to extend product
development, sales, and marketing of CarrTech’s innovative filter needle.
“CarrTech’s FROG device (Filter Removal of Glass) saves
lives, prevents injury, and saves time in the emergency room and anywhere glass
ampoules are used for injectable medicine. FROG turns the multi-step operation
into an all-in-one device, by combining a filter needle and a hypodermic needle
into a single unit. "CarrTech has clearly built 'a better mousetrap,'” stated
Jerry Schepers, Old Line Capital’s General Partner and Deal Lead for the CarrTech
investment. “This is exactly the type of innovative technology we look for at
Old Line Capital.”
“We are incredibly excited to have Old Line Capital as our
lead investor,” said Sue Carr, President and Founder of CarrTech. “Old Line
Capital personifies the diligence and professionalism of the very best Venture
Capitalists. They provide the wisdom, experience, and relationships necessary
to put FROG in the hands of doctors, nurses, and first responders worldwide.”
CarrTech is a medical technology company and inventor of the
FROG (Filter Removal of Glass) device. FROG combines the traditional multi-step,
two needle process of filtering glass particles from medicines to a single step
with a single needle. FROG is safer, faster, greener and more efficient for
About Old Line Capital Partners
Old Line Capital is a venture capital firm focused on the
financing and development of early-stage technology startups in Maryland and
the broader mid-Atlantic region.
April Bartel, FITCI
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U.S. DEPARTMENT OF COMMERCE ANNOUNCES 51 “BUILD TO SCALE” GRANTS TOTALING $47 MILLIONTO FUEL INNOVATION AND TECH-BASED ECONOMIC DEVELOPMENT
Contact: EDA Public Affairs Department, (202) 482-4085
October 5, 2022
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding 51 “Build to Scale” grants – totaling $47 million – to organizations that support technology entrepreneurs, catalyze innovation and fuel economic growth.
EDA’s “Build to Scale” program provides annual grants that aim to accelerate technology entrepreneurship by increasing inclusive access to entrepreneurial support and startup capital. The 2022 awardees will leverage an additional $48 million in matching funds from a variety of private and public sector sources. These EDA investments support advanced manufacturing, bioscience, clean energy and blue economy clusters in regions throughout the United States.
"Strengthening technology ecosystems are a critical key to the Biden Administration's efforts to build a stronger America,” said Secretary of Commerce Gina Raimondo. “Innovation and entrepreneurship have long been keys to American success and will continue to strengthen our collective economic and national security, as well as individual prosperity and well-being.”
"EDA is proud to partner with this year's 'Build to Scale' grantees as they invest in entrepreneurs and create equitable access to capital in their communities," said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. "These projects will give the next generation of industry-leading companies a seminal boost that will result in job creation and private investment – potentially transforming a regional economy and creating economic opportunity beyond what we can foresee.”
The 2022 Build to Scale program was comprised of two competitions––the Venture Challenge and the Capital Challenge. The Venture Challenge supports programs that enable high-growth technology entrepreneurship and foster inclusive access to proven entrepreneurship support models. The Capital Challenge increases access to capital in communities where risk capital is in short supply by providing operational support for early-stage investment funds, networks, and training programs that focus on both traditional and hybrid equity-based financing.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.