Baltimore technology company Fearless’ startup incubator Hutch will nearly double its number of portfolio companies thanks to more than $1 million in new funding.

A $661,725 grant from the U.S. Economic Development Administration will be matched with local funds and will increase the number of portfolio companies at Hutch from 25 to 45 by 2025. The matching funds come from acombination of money from Fearless and the Baltimore Development Corp., the city’s quasi-public economic development agency and a long-time supporter of the incubator, said Stephanie Chin, Hutch program manager. Along with the financial help, the BDC will gather metrics around economic impact that is required by the EDA. The BDC will also help startups access loan programs, tax incentives and other government resources, said Colin Tarbert, president and CEO of the BDC.

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