TEDCO, Maryland’s economic engine for technology companies, announced today its Social Impact Funds invested in Tuzmo, a platform that connects tourists to authentic local artisans in destinations around the globe. TEDCO is committed to fostering an inclusive entrepreneurial innovation ecosystem, and Tuzmo proved a good match for TEDCO’s Builder Fund, part of the family of Social Impact Funds.
Based in Gaithersburg, Md., Tuzmo is an app that connects travelers and tourists with authentic artisans and craft persons. Using the app, artisans can sell directly to a global customer community, cutting out the middle and offering an economic benefit to the artisans. For travelers, Tuzmo offers authentic crafts and unique visitor experiences.
“We thank TEDCO for funding and supporting our product. This funding will help accelerate Tuzmo’s dual mission to bring economic opportunity to millions of artisans of the world affected by the pandemic, and to enrich the travel experience for tourists by helping them discover the most authentic local crafts and souvenirs in a destination,” said Rana Saad, Tuzmo’s CEO. “Tuzmo app is the world’s first platform connecting authentic local artisans with the tourists and visitors, disrupting the final frontier of the travel industry with a TAM of $90B.”
TEDCO’s Social Impact Funds are purposefully designed to engage and invest in economically underserved founders and communities. TEDCO wants to optimize the path to follow on funding; many companies show a path to sustainability without the need for venture capital.
“TEDCO believes a diverse, equitable and inclusive startup community is the strength of our entrepreneurial ecosystem. The Builder Fund recognized the potential for the truly disruptive advantage and value proposition of Tuzmo’s app, and we are excited to be part of the company’s growth story,” said Jean-Luc Park, the senior director of Social Impact Funds at TEDCO. “We encourage other entrepreneurs to explore the Builder Fund, which invests with the goal of helping startups reach meaningful milestones and become healthy companies.”
Funded companies are also provided resources like hands-on executive support, peer-to-peer mentorship/collaboration, and networking opportunities.
If an entrepreneur does not qualify for the Builder Fund, they should be aware that Maryland has a strong entrepreneurial ecosystem. There may be other resources available for startups to grow their business; more information can be found using TEDCO’s online assessment.
TEDCO provides funding, resources and connections that early-stage technology and life sciences companies need to thrive in Maryland. For entrepreneurs interested in applying for TEDCO funding opportunities, visit https://www.tedcomd.com/funding.
About TEDCO
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.
