USM Maryland Momentum Fund Invests $250K in TargetDocs, Completing $850K Investment Round
TargetDocs streamlines communication between general contractors and all of their subcontractors, and is led by a University of Maryland, College Park graduate.
College Park, Md. (April 20, 2021)– The University System of Maryland (USM) Momentum Fund has invested $250,000 in TargetDocs, a communication platform for the construction industry that reduces lead times and saves money by collecting, tracking, and labeling all subcontractor project files in one place. The Maryland Momentum Fund (MMF) investment is part of an $850,000 funding round, which includes the Hustle Fund, New Age Capital, Debut Capital, Gaingels, Dingman Center Angels and TEDCO.
“As a former project manager for solar projects, this tool would have been very helpful to manage construction projects,” said Claire Broido Johnson, managing director of the Momentum Fund. “Joe Leiva, the CEO of TargetDocs, has built an impressive tool—he’s a natural entrepreneur and we’re excited to contribute to the growth of TargetDocs.”
After graduating from the A. James Clark School of Engineering at the University of Maryland, Leiva joined his family’s construction business where he saw firsthand the need for a communication management tool tailored to the construction industry. TargetDocs was developed to help connect subcontractors and general contractors through one catch-all workspace, so that files do not fall through the cracks and projects can be kept on time and on budget.
“As the largest investor network focused on supporting and investing in the best venture-backed companies that embrace and value diverse leadership, including LGBTQ+, Gaingels is proud of participating in this financing,” said Lorenzo Thione, managing partner of Gaingels. “We are committed to helping TargetDocs build a successful and inclusive business, and a culture that reflects the diversity of its executive teams, staff, and customers.”
Founded in 2017, TargetDocs underwent a significant shift in 2020, zeroing in on one critical need for the industry and tweaking their product to meet that need. While other project and document management platforms exist for the construction industry, TargetDocs addresses the accountability and efficiency needs of contractors by replacing email as the primary source for project file collection and correspondence. They have experienced rapid growth as a result of the pivot.
“It is rewarding for all of us in the Maryland innovation ecosystem to see numerous investment groups and innovators come together to support a company like TargetDocs,” said Jack Miner, chief investment officer at TEDCO. “We are one small part in the process and are excited about the prospects for all of the investments in TEDCO's Seed Funds portfolio. TargetDocs is in an interesting space where there are a lot of moving parts that must be completed accurately and on time. We look forward to seeing their progress in the market.”
The USM Maryland Momentum Fund provides investment for promising technology ventures born out of USM’s 12 institutions. The Momentum Fund helps early stage companies move beyond grant funding andearly stage seed investorsto position themselves for commercial launch or to reinforce commercialization at the early revenue stage. The Momentum Fund is continuing to invest in companies affiliated with the USM despite the COVID-19 pandemic and encourages applications through the Fund website at www.momentum.usmd.edu.
About the USM Momentum Fund
The Maryland Momentum Fund is an initiative of the University System of Maryland (USM) to provide late seed investment funding for promising technology ventures that come out of any of the 12 constituent USM institutions, its research parks, and its students, faculty, or graduates. With a $10M commitment from the USM already in place, the Fund co-invests with venture capitalists, foundations, and angel investors.
The Maryland Momentum Fund was established by the USM Board of Regents to support promising commercial opportunities arising from advances in research and intellectual property at USM campuses, and its portfolio companies include: MF Fire, NextStep Robotics, the North American Wave Engine Corporation, Zest Tea, PaverGuide, Retrium, Veralox Therapeutics, Gemstone Biotherapeutics, Neoprogen, Minnowtech, ARMR Systems, Infercabuary, Datakwip, pathOtrak, KaloCyte, miRecule, N5 Sensors, VisiSonics, Voxy EngGen, Dynamhex, and TargetDocs. The Fund is designed to create returns and support USM’s most innovative ideas as they enter the marketplace. Learn more at www.momentum.usmd.edu.
TargetDocs helps general contractors and subcontractors work together in a collaborative workspace to improve their project lead times and maintain compliance by ensuring their project files and correspondence never get lost or mismanaged. Learn more at www.targetdocs.com.
Gaingels is the leading investment syndicate in support of and representing the LGBTQ community and allies in the venture capital space. With over $220,000,000 deployed into a portfolio of over 400 companies since 2018, Gaingels invests in companies with LGBT founders and C-suite leaders at all stages of growth, as well as in other high-growth companies resolved on building more inclusive teams. Gaingels is a founding co-signer of the Diversity Term Sheet Rider Initiative to increase access to venture funding events for non-traditional check writers, and regularly co-invests with select VC leads across a variety of sectors, from Seed to Growth/pre-IPO. For more information visit www.gaingels.com.
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
# # #
Contact – Target Docs
Joe Leiva, CEO
Contact – TEDCO
Tammi Thomas , VP Marketing & Communications
Contact – Gaingels
Paul Grossinger, Founder
Contact: Mike Lurie