2024 Baltimore Tech Ecosystem Report

What to Expect

UpSurge’s 2024 Baltimore Tech Ecosystem Report considers our local startups, capital, and workforce, presenting current data from trusted sources. The report offers an invaluable tool for understanding the current health and potential of our ecosystem.

We invite you to review the data and to leverage the insights to address gaps and opportunities, joining our collective work to foster a thriving tech ecosystem in Baltimore.

Startups
Baltimore’s startup ecosystem is young but growing - fast. See where Baltimore startups locate, which industries they’re in, and a few of the companies growing in 2023.
Capital
Dive into data on venture capital, investor, accelerator and venture debt trends in Baltimore over the past several years, the largest deals from 2023 and the most active investors for the last seven years.
Workforce
Recognizing the importance of Baltimore’s tech workforce within our ecosystem, we report on the current state and trends on demographic representation, job growth, income and density.
Methodology
We define our ecosystem and explain how we source data and developed metrics, in keeping with a commitment to data transparency and collaboration.
Acknowledgements
None of our work would be possible without a strong, connected community of supporters, advisors and partners. We are grateful to all those who helped us gather and disseminate this data – and to all those who will use it to advance our ecosystem.

A Letter from our CEO

Every thriving city needs a robust continuum of businesses to support new jobs, wealth creation, economic development, vibrancy, and growth. A tech sector that produces successful startups is a critical component of that continuum. Tech startups operate in harmony with small businesses, non-profits, service providers, and big companies, while also fostering innovation, engaging talent with technical skills and knowledge, attracting new revenue and capital, and providing social value on a national and global scale.

 

Our 2024 Baltimore Tech Ecosystem Report is not just about the 496 tech startups and 54 capital providers currently operating in our Metropolitan Statistical Area (MSA) or the 11.3% – and climbing – of our workforce employed in tech. This data also serves as a source of truth for UpSurge and our partners. Founders, investors, corporate and institutional leaders, economic development organizations, and government officials, are aligning around a single shared vision – to proclaim Baltimore an Equitech city. 

 

We can accomplish that goal together!

 

At UpSurge, we’re a team of ecosystem builders, connecting and amplifying the people, places, and programs in our tech community. We’re turning up the volume on local assets and resources to help founders, investors, corporate decision-makers, universities, and non-profit leaders better understand and connect with our tech sector.

 

While our work starts and ends with people, it is grounded by data. 

 

This year’s report – the third of its kind – begins to shift from our previous approach. The data presented now measures the Baltimore MSA with Baltimore City at its heart. A new section also dives into the demographics of our tech workforce. Our reports will continue to evolve to capture the information our ecosystem needs to thrive and grow.

 

UpSurge’s 2024 Baltimore Tech Ecosystem Report is important because data has been an underutilized tool in the story of Baltimore Tech. The information contained in this report supports the strength of our tech ecosystem, the vision for Baltimore’s future, and our commitment to the work before us.

 

 

 

Continue to the Next Section: Startups