December 22, 2021

County-based Companies Novavax and Truebill Finish 2021 with Major News

Montgomery County-based companies Novavax and Truebill each ended the 2021 corporate year with major news. Each company has received support from the Montgomery County Economic Development Corporation (MCEDC), a public/private partnership that helps local companies with resources, site selection, funding, incentives, permitting and more.

Novavax, a global biotech company based in Gaithersburg, has received conditional market authorization from the European Union for its COVID-19 vaccine. According to an announcement from the European Commission, the company will be able to deliver up to 100 million vaccines to the EU starting in the first quarter of 2022.

The contract allows EU member states to purchase an additional 100 million doses in 2022 and 2023. For the first quarter of 2022, EU member states have ordered around 27 million doses.

Novavax has received financial assistance through the Montgomery County Economic Development Fund program, as well as technical assistance from MCEDC. The Gaithersburg City Council recently approved Novavax’s expansion plans that will include more than 600,000 square feet of office, lab, manufacturing and research and development space in two buildings next to the current facility.

Truebill, a growing Silver Spring fintech company, is being acquired by Rocket Companies for more than $1.2 billion. Truebill is a consumer-facing app that helps people manage subscriptions, savings and budgets.

The company’s three founders are the Mokhtarzada brothers, who have roots in Montgomery County. The company previously received a MOVE (Make Office Vacancies Extinct) grant coordinated by MCEDC and was approved for an Economic Development Fund grant. The company has said that it plans to remain in its Colesville Road location following the acquisition.

“By joining forces with the Rocket FinTech powerhouse, we will be able to extend our reach and seamlessly connect consumers with more services,” said co-founder Haroon Mokhtarzada.

The news follows a strong year of growth for the company, which raised $45 million in Series D funding this past June and $17 million in November 2020. Since its founding, Truebill has grown to 2.5 million members.

“We are very impressed with what Truebill has created, providing a simple, intuitive client experience to help users save significant money,” said Rocket CEO Jay Farmer.