Abell Foundation’s Embry says demand for startup capital outstrips supply
by Holden Wilen
Abell Foundation President Robert C. Embry Jr. says he knows of startups that would be willing to move to Baltimore, he just needs the money to attract them.
The Baltimore-based Abell Foundation is known for providing grants but it has become a growing venture capital investor. However, Embry said Abell has “more demand than we have supply and money.”
Since making Abell made its first direct investment in 1995, Embry said the philanthropic organization has invested more than $70 million into about 30 startups as part of its effort to help create more jobs in Baltimore.
As an example, Embry talked about eNeura Therapeutics, a company that moved from Sunnyvale, California, and is developing a headgear device that helps treat migraines by using electromagnetic pulses. The company was paying $100 per square foot in California and now pays just $12 per square foot in Baltimore.