Gov & Business

Montgomery County Had the Biggest VC Deal of the Year in the D.C. Area

MBS Staff

It was already a record-setting year for the Baltimore-Washington metro area even before the fourth quarter. According to the PitchBook Analyst Note: 2022 US Venture Capital Outlook, the metro nearly doubled its venture capital deal activity from $2.9 billion in all of 2020 to $5.4 billion as of November 23rd.

That total does not include several large funding deals that happened in the last month of the year, including a $21 million Series A-1 funding round raised by VLP Therapeutics on December 27. The Gaithersburg-based biotech is working on vaccines for Cancer, Malaria and Dengue fever.

The big surprise of the year came via Robotic Research Group, the Clarksburg-based tech company raised $228 million in a Series A round, its first ever external funding deal. The announcement was made December 9 for its commercial division RR.IA.

The Robotic Research Group deal was by far the biggest in the entire D.C. area for 2021 and puts Montgomery County at the top of the list for biggest deal of the year from any jurisdiction in the D.C. metro area.

The County’s VC activity has skyrocketed in recent years, thanks in big part to the growing biotech industry. But it is not the first time the County has dominated the VC scene; in 2018 the total value of VC deals in the County was more than D.C. and northern Virginia combined, according to the Montgomery County Economic Development Corporation.