Montgomery Companies Had Strong Year of Investment in 2023

Montgomery County companies had a strong year of investment in 2023, with more than $2.2 billion generated through more than 100 deals. Companies in a wide range of industries, from life sciences and technology to manufacturing and real estate, brought in substantial investments, showcasing a positive economic direction going into 2024.

Life sciences companies in Montgomery County continue to be a powerful driver of investment, with more than $500 million generated in 2023. Montgomery County anchors the thriving Biohealth Capital Region, which rose from No. 4 to No. 3 in the top 10 of U.S. biopharma clusters.

“By many measures, 2023 was a very good year for the Montgomery County economy and I applaud the successful efforts of the Montgomery County Economic Development Corporation,” said County Executive Marc Elrich. “We are expanding our economy by building on our strengths as well as opening our doors to new opportunities. We are better equipped to address challenging issues, and we are making progress. This was reinforced during our economic development trips to Taiwan, India, and Vietnam last year. People, around this nation and throughout this world, know Montgomery County, Md., as a welcoming and diverse place with a wealth of talent and plenty of possibilities. I am looking forward to more economic success in 2024.”

Recent highlights for Montgomery County’s ongoing life sciences success include:

• Deka Biosciences closed $60 million to continue developing drugs for patients suffering from cancer and autoimmune diseases.
• Welcoming Amgen through a $28 billion acquisition of Horizon Therapeutics, which is now building its North American technical center in Rockville.
• The impact of two life science leaders and soon-to-be neighboring companies: MilliporeSigma and Horizon Therapeutics, Together, they represent more than $500 million invested in new facilities.
• Selecta Biosciences merging with Cartesian Therapeutics, which included a $60.25 million private financing deal for Cartesian.

“Deka Biosciences has grown exponentially as part of Montgomery County’s Business Innovation Network,” said Deka president and CEO John Mumm. “We wouldn’t be where we are without them. They have completely enabled us to grow faster than I’ve ever grown a company before,” he explained about the incubator facility.

Nine companies in the manufacturing sector received funding in 2023, including MasPanadas, a home-grown success story. With a recent influx of investment, MasPanadas is in the process of building a space that will triple its square footage to 18,000, while adding another 70 employees.

“Our company continues to thrive here with exceptional growth in annual sales and our client base including having our products in national grocery chains,” said Margarita Womack, founder of MasPanadas. “Montgomery County has been a great partner providing connections to programs, tax credit assistance and funding. We are excited about our growth and expansion plans.”

Another highlight in the manufacturing arena is Eat the Change, which received a $14 million venture capital investment. Co-owner Seth Goldman, who is also co-founder of PLNT Burger and Honest Tea, said: “Downtown Bethesda may not be Silicon Valley or Route 128, but with its active startup community and experienced workforce, it has served us well as the perfect location to launch and scale a mission-driven tea brand . . . twice! Our success with Honest Tea helped us launch Just Ice Tea in 90 days, and then close our Series A $14 million financing in just 60 days. Just Ice Tea, a product of mission-based Eat the Change, is now the nation’s top-selling organic tea brand and we look forward to continued expansion into mainstream channels.”

Technology leaders continue to thrive in Montgomery County, with close to 50 companies receiving funding. Companies include Quantum Xchange, GivHero, and Aledade. Rockville-based N5 Sensors received $2.5 million in funding for its proprietary cloud-connected ecosystem of smart sensors to keep people safe from environmental hazards. N5 Sensors’ CEO Abhishek Motayed said the company has grown from seven people to more than 25 in its three years in Montgomery County.

Montgomery County is a welcoming home to businesses with a diverse economy, top talent pools, access to funding and anchored by major federal agencies including the National Institutes of Health (NIH), the Food and Drug Administration (FDA) and the National Institute of Standards and Technology (NIST).

“The robust investment in Montgomery County companies is a testament to our pioneering spirit, diversity, and exceptional climate for business growth,” said Bill Tompkins, president and CEO of Montgomery County Economic Development Corporation. “While the country as a whole has experienced a downturn in funding, investments in Montgomery County businesses, especially in life sciences, continues to be strong.”

To learn more about doing business in Montgomery County, go to thinkmoco.com or the Montgomery County Business Center. See the full list of 2023 investments in Montgomery County companies here.