Investments have supported the creation of over 6,000 jobs throughout the Commonwealth
Herndon, VA, Jan. 14, 2020 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today released the 2019 CIT GAP Funds Impact Report, detailing both return on investment and socio-economic impact made since the fund’s inception in 2005. A family of funds placing equity investments in Virginia’s high-growth based technology, life science, and cleantech companies at the earliest developmental stages, CIT GAP Funds has deployed $28.8 million in capital across 223 investments. CIT GAP Funds investment leadership has attracted national recognition and continues to demonstrate why CIT has been named Virginia’s Most Active Investor for the last five years by CB Insights.
CIT GAP Funds has yielded four times their capital invested across Tech Fund “Roadmap” investments in cybersecurity, data analytics, enterprise software and deep tech sectors and helped position the fund for return of all capital deployed. The report highlights several other figures that capture the overall impact CIT GAP Funds has on the Commonwealth, including:
Mobilizing over 1,000 investors with a private capital leverage of $1 billion
Forming the MACH37 cyber Accelerator and Seed Fund, the Virginia Founders Fund, two generations of GAP Cleantech and Energy Funds and three generations of GAP Tech and Life Science funds
Establishing a new VA Angel Group and enabling multiple additional angel groups
Supporting the creation of more than 6,000 jobs throughout the Commonwealth
Investing in a diverse range of sectors and industries
Critical Infrastructure; Education; Fintech; Food and Agriculture; IT and Communications; Manufacturing; Satcom; Smart Cities; Sustainable Communities; Unmanned Systems; Water and more
Supporting traditionally underrepresented entrepreneurs
67 companies have minority founders and executives
57 companies have female founders and executives
32 companies have veteran founders and executives
61 companies are located in underserved geographies
"CIT is proud to share details from our 2019 CIT GAP Funds Impact Report. We believe the outcomes are a fitting tribute to Virginia’s entrepreneurial vitality, community spirit and economic and social diversity,” said Tom Weithman, Managing Director of CIT GAP Funds. “We extend our profound thanks to the Commonwealth of Virginia for its 15-year commitment to seeding great companies and to our many partners, both inside and outside of Virginia’s entrepreneurial ecosystem, for helping us help grow our portfolio.”
About CIT GAP Funds
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds’ investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel has convened leading regional entrepreneurs, angel and strategic investors, and national venture capital firms in the interests of Virginia’s entrepreneurs. Membership has included New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.citgapfunds.org.
About the Center for Innovative Technology (CIT)
Investing for Commonwealth Growth | CIT concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies, create high paying jobs and accelerate economic growth throughout the entire state of Virginia. Founded in 1985, CIT accelerates next generation technologies and technology companies through commercialization, capital formation, market development initiatives, and expansion of broadband throughout Virginia. Our programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Virginia Founders Fund | Broadband/Rural Broadband | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | University Partnerships | Startup Company Mentoring & Engagement. CIT’s CAGE Code is 1UP71. Contact: 2214 Rock Hill Road #600, Herndon, VA 20170 | 703.689.3000 | www.cit.org
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Center for Innovative Technologies