Nearly $3 Billion Invested in Montgomery County, Maryland Companies in 2024
For Immediate Release:
January 31, 2025
Contact:
Michael Mitchell
Vice President, Marketing & Communications
michael@thinkmoco.com
240-641-6725
Companies located in Montgomery County, Md., Generate 100+ M&A, Venture Capital & Private Investment Deals
MONTGOMERY COUNTY, Md. — Businesses in Maryland’s Montgomery County experienced a surge in investment funding in 2024. Mergers and acquisitions, venture capital and private funding deals totaled $2.9 billion, a 36% increase over 2023’s total of $2.2b. Spanning 106 deals across 96 companies, this surge in mergers and acquisitions, venture capital, and private investment reflects Montgomery County’s continued prominence as a regional economic leader.
Diverse Industries Driving Growth
Investment activity spanned multiple sectors, reinforcing Montgomery County’s reputation as a hub for innovation:
- Financial Services: The largest deal of the year was Atlantic Union Bank’s $1.6 billion acquisition of Sandy Spring Bancorp, highlighting the strength of the financial industry in the county.
- Technology: Companies specializing in cybersecurity, artificial intelligence, and energy innovation raised $769 million, demonstrating the county’s sustained growth as a hub for this industry sector.
- Life Sciences: With $535 million in investment, Montgomery County’s position as a leading hub for biotech and healthcare innovation continues to grow. The county is the anchor for the BioHealth Capital Region, which ranks third among the nation’s top 10 biopharma clusters according to Genetic Engineering & Biotechnology News. In 2024, the region even surpassed No. 2 San Francisco in NIH funding and patents.
- Professional Services & Manufacturing: A mix of mid-sized and smaller deals totaled $64.2 million in investment.
While major investments dominated the headlines, more than 40 of the investments tracked in the county were small venture capital investments of $5 million or under, reflecting the county’s thriving ecosystem for businesses of all sizes.
“These investments underscore the competitive advantages businesses find in Montgomery County, Md.,” said Bill Tompkins, president and CEO of the Montgomery County Economic Development Corporation. “Entrepreneurs and investors are drawn to the county because of our deep talent pipeline, proximity to federal government agency headquarters and laboratories, global connectivity, and diverse economy.
“We are proud to support this momentum. When investors choose Montgomery County businesses, they create jobs and support the continued growth of the county.”
Top 10 Deals of 2024
| Company | Deal Size | Industry | |
| 1 | Sandy Spring Bancorp | $1.6 billion | Financial services |
| 2 | X-Energy Reactor Co. | $500 million | Technology |
| 3 | Avalo Therapeutics | $185 million | Life sciences |
| 4 | OCR Services | $82.5 million | Technology |
| 5 | Forterra | $75 million | Technology |
| 6 | Accompany Health | $56 million | Life sciences |
| 7 | MaximBio | $49.5 million | Life sciences |
| 8 | Sepio | $48 million | Technology |
| 9 | HiLabs | $39 million | Life sciences |
| 10 | ZyMōt Fertility | $34 million | Life sciences |
Amazon.com Inc. was the lead investor in Rockville-based X-Energy Reactor’s $500 million Series C-1 financing round, slated to fund the completion of the company’s advanced nuclear reactor design and licensing. The two companies are also collaborating to bring more than 5 gigawatts of new power projects online across the United States by 2039, just one example of Montgomery County’s role in the energy technology sector.
The full list of 2024 investments in Montgomery County companies is available here.
Source: PitchBook, Accessed Dec. 17, 2024
##
About Montgomery County Economic Development Corporation
Montgomery County Economic Development Corporation (MCEDC) is the official public-private economic development organization representing Montgomery County, Maryland, and is funded by Montgomery County. Its mission is to accelerate business development, attraction, retention and expansion in key industry sectors while advancing equitable and inclusive economic growth. MCEDC connects businesses to top talent, partnerships, resources and prime locations for success.
About Montgomery County Government
Montgomery County, Maryland, is the largest county in the State of Maryland with over 1.1 million residents. Bordering the District of Columbia, and directly across the Potomac River from Northern Virginia, Montgomery County is home to 18 federal agencies including the National Institutes of Health (NIH), the Food & Drug Administration (FDA), the National Institute of Standards and Technology (NIST) as well as the headquarters to over 700 companies. The county offers a unique ecosystem rich in talent, groundbreaking discoveries, and a vibrant community dedicated to sustainability and bold thinking. With 40% of residents speaking a language other than English and a third of the population born outside the U.S., Montgomery County embraces diversity. This inclusive environment fosters a rich tapestry of perspectives, providing an ideal location for businesses to thrive, innovate and flourish.