MD: Nearly $3 Billion Invested in Montgomery County, Md., Companies in 2024

Businesses in Maryland's Montgomery County experienced a surge in investment funding in 2024. Mergers and acquisitions, venture capital and private funding deals totaled $2.9 billion, a 36% increase over 2023's total of $2.2b. Spanning 106 deals across 96 companies, this surge in mergers and acquisitions, venture capital, and private investment reflects Montgomery County’s continued prominence as a regional economic leader.

Investment activity spanned multiple sectors, reinforcing Montgomery County’s reputation as a hub for innovation:

• Financial Services: The largest deal of the year was Atlantic Union Bank’s $1.6 billion acquisition of Sandy Spring Bancorp, highlighting the strength of the financial industry in the county.
• Technology: Companies specializing in cybersecurity, artificial intelligence, and energy innovation raised $769 million, demonstrating the county’s sustained growth as a hub for this industry sector.
• Life Sciences: With $535 million in investment, Montgomery County’s position as a leading hub for biotech and healthcare innovation continues to grow. The county is the anchor for the BioHealth Capital Region, which ranks third among the nation’s top 10 biopharma clusters according to Genetic Engineering & Biotechnology News. In 2024, the region even surpassed No. 2 San Francisco in NIH funding and patents.
• Professional Services & Manufacturing: A mix of mid-sized and smaller deals totaled $64.2 million in investment.

While major investments dominated the headlines, more than 40 of the investments tracked in the county were small venture capital investments of $5 million or under, reflecting the county’s thriving ecosystem for businesses of all sizes.

"These investments underscore the competitive advantages businesses find in Montgomery County, Md.," said Bill Tompkins, president and CEO of the Montgomery County Economic Development Corporation. "Entrepreneurs and investors are drawn to the county because of our deep talent pipeline, proximity to federal government agency headquarters and laboratories, global connectivity, and diverse economy.

“We are proud to support this momentum. When investors choose Montgomery County businesses, they create jobs and support the continued growth of the county."

Amazon.com Inc. was the lead investor in Rockville-based X-Energy Reactor's $500 million Series C-1 financing round, slated to fund the completion of the company's advanced nuclear reactor design and licensing. The two companies are also collaborating to bring more than 5 gigawatts of new power projects online across the United States by 2039, just one example of Montgomery County's role in the energy technology sector.