(Photo by Flickr user 401(K) 2012, used under a Creative Commons license)
Baltimore-Md.-based Inner Loop Capital is giving D.C.-area startups a financial boost with this new fund.
The early-stage venture capital firm announced a $2.6 million Syndicate Fund on June 14, aimed at supporting startups in the D.C. region who are in the early stage of fundraising. The fund was founded by Justin Label, an angel investor and former partner at Bessemer Venture Partners. The Syndicate Fund plans to make approximately eight investments over 18 months, with initial investments ranging from $300,000 to $400,000 each.
“The challenges of raising early capital in the D.C. region are frustrating to local founders and inhibit the growth of our venture and tech ecosystem,” Label said in a press release. “We want this Syndicate Fund, raised from investors who see this opportunity, to be a step toward addressing that gap.”
Label has a background in cybersecurity startup investment, with previous investments in D.C.-area companies like NS8 and Cybrary. Launched in January 2019, the Syndicate Fund has already made three investments, including one in D.C.-based GreyNoise Intelligence, Inc., a cybersecurity startup that collects, labels and analyzes Internet-wide scan and attack data.
Gula Tech Adventures, the investment firm founded by former Tenable Network Security leaders Ron and Cyndi Gula, anchored the new fund, according to Inner Loop Capital.
“We believe strongly in the potential of D.C., Maryland, and Northern Virginia founders and of building a thriving venture ecosystem in the region,” Ron Gula said in a statement. “After co-investing five times with Justin as angel investors, we’re now glad to formally partner with Inner Loop Capital to continue to back visionary founders very early in their development.”
Along with Gula Tech Adventures, the Syndicate Fund received initial investments from seven other Limited Partners including Bloomberg Beta, two family offices, and a group of cybersecurity founders, the press release states.
Inner Loop Capital’s Syndicate Fund is hosting a networking event on June 18 at 5. p.m. at The Tasting Room Wine Bar near the National Harbor for local investors to learn about the fund.-30-
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