Technical.ly technical.ly 25 Jan, 2023 03:15 am

CIT GAP Funds has invested $32.4M into 240+ Virginia startups since its inception

CIT GAP Funds has invested $32.4M into 240+ Virginia startups since its inception
In its 2020 impact report, the Herndon-based early-stage fund shared how its investments have fueled the Commonwealth's startup ecosystem.

Named Virginia’s most active investor by CB Insights for the past six years, CIT GAP Funds’ investments have helped create more than 6,500 new jobs in the Commonwealth in the last 15 years, it reported this month.The Center for Innovative Technology (CIT) shared some stats about its Herndon, Virginia-based early-stage investment fund in the 2020 CIT GAP Funds Impact Report.Since its inception in 2005, CIT GAP Funds has invested $32.CIT GAP Funds also recently co-led a $3 million seed round in Bristol, Virginia-based Micronic Technologies , a developer of sustainable water purification technology.

“During an economically and emotionally challenging year for Virginia’s startup ecosystem, we believe that the outcomes detailed in our 2020 CIT GAP Funds Impact Report reflect the Commonwealth’s entrepreneurial vitality, economic and social diversity, and community spirit,” said CIT GAP Funds Managing Director Tom Weithman in a statement.But the report notes that one of CIT GAP Funds’ biggest accomplishments from last year was the formation of its “coffee sessions,” which bring together angel investors, accelerator groups and entrepreneurs to network.

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