University System of Maryland has committed $10m to Maryland Momentum Fund and aims to raise a further $15m from local investors to back startups within its system.

The US-based University System of Maryland has set up a $25m fund called Maryland Momentum Fund to support startups formed within the system’s 12 public institutions.

Julie Lenzer, co-director of UM Ventures, a joint initiative of the University of Maryland, Baltimore and University of Maryland, said the university system had already committed $10m to the Maryland Momentum Fund.

University System of Maryland is working with University of Maryland, Baltimore County and UM Ventures to raise the remaining $15m from local…

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