Maryland Momentum Fund reaches out to Ravenscroft

Mike Ravenscroft, a manager with Dreamit Ventures, has been hired to run University System of Maryland’s $16m Maryland Momentum Fund from next week.

He had been with Dreamit Ventures for a year and a half, having joined in February 2021 to oversee its healthtech investments. His immediate previous experiences were founding venture advisory firm Re:Founded in 2019 and serving as a venture associate at University of Maryland, College Park’s Dingman Center for Entrepreneurship from 2020.

He was also programme director for the PeaceTech Accelerator at the United States Institute of Peace for a year from March 2018, having joined from the Mach37 Cyber Accelerator.

Earlier in his career, he spent four and a half years with the Center for Innovative Technology, rising through the ranks to eventually become an investment associate with CIT GAP Funds. He was a research associate with the Advisory Board Company from 2008 until 2010.

At the Maryland Momentum Fund, Ravenscroft replaces Claire Broido Johnson, who last month became the chief operating officer of electric vehicle-to-grid energy technology developer Fermata Energy, founded by University of Virginia’s Prof David Slutzky.

Johnson had joined the Maryland Momentum Fund in 2019 and her departure was first revealed through a job advert posted in March this year.

Ellen Herbst, senior vice-chancellor for finance and administration at University System of Maryland, said: “Mike Ravenscroft brings considerable expertise to this important role as managing director of the Maryland Momentum Fund. We are fortunate to have found someone who has experience both in the venture capital sphere and in prior work with USM institutions.

“Mike is well known in the greater Washington and Delmarva regions, another strength that bodes well for the Momentum Fund and his leadership.”