New Companies Move In, Bolstering Efforts to Develop a Thriving Innovation Ecosystem in Port Covington
The Port Covington Development Team announced four companies that have joined the roster of businesses located located at City Garage and Impact Village, both of which were developed to provide a foundation for the innovation and entrepreneurship ecosystem in Port Covington. The new tenant signings are an indicator of the enthusiasm for the growing innovation ecosystem in Port Covington, and include:
- Olive, an AI-as-a-Service company designed specifically for healthcare
- Conscious Venture Lab, an early-stage business accelerator
- LINQ, a managed service provider for corporate cellular communication needs
- CoFactor Ventures, an Opportunity Zone private equity firm investing in local technology companies
“Our goal from the outset has been to create a thriving ecosystem of entrepreneurs and venture capital in Port Covington – to make connections, catalyze growth and create new opportunities in Baltimore City,” said Scooter Monroe, Vice President and Head of Leasing for Weller Development. “This region has a talent pool that can compete on a national level, and Port Covington is designed to help companies attract talent and grow.”
The signing of these technology and venture capital companies is another step for the Port Covington Development Team to foster a technology ecosystem on the redeveloped site. It is also a sign of the growth of technology sector in Baltimore – where tech jobs have grown by about 16.9% since 2015, according to the recent CBRE Tech Talent Report.
“When we decided to set up ‘substations,’ or satellite offices, outside of our Ohio headquarters, we naturally selected Port Covington as the first location,” said Olive CEO Sean Lane. “It is exactly the kind of environment we seek: a vibrant city with a talented workforce, located near a flagship customer, great geographic location, and an environment that fosters innovation, creativity and growth.”
This announcement follows a major announcement earlier in January that financing for the next development phase has been finalized, and vertical construction is underway on five new buildings, totaling more than 1.1 million square feet. The capitalization totals more than $650 million, marking a significant milestone for one of the largest urban revitalization efforts in the country.