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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.

A view of Charlottesville, Virginia, from WillowTree's office. (Photo by Michelai Graham)

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 $32.4 million in capital into its more than 240 portfolio startups.

Some of the startups that have landed investments from the fund over the years include D.C.-based software company ChurnZero, Vienna,Virginia-based road assistance platform company and Arlington, Virginia-based cybersecurity management platform curator Ostendio. 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.

In 2020 alone, the organization made investments in aerospace and defense companies for the first time, oversaw more than 2,000 hours of mentoring between entrepreneurs and investors, and increased its support for underrepresented entrepreneurs. Of its 240-plus portfolio companies, 79 have minority founders and executives, 64 companies have woman founders and executives and 17 companies reside in opportunity zones.

Last year, the fund also launched some new investments for startups in the tech, life science, cleantech and energy sectors. 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. This event drew in more than 500 attendees over 2020 and those sessions will continue this year. Catch the next on Friday, Feb. 5, at 9 a.m.

“The CIT GAP Funds investment team is committed to providing balanced support for Virginia’s high-growth early stage companies, including financial investment, access to our ever expanding network and trusted advisory services to portfolio companies,” Weithman said. “We are grateful for the Commonwealth’s long-standing commitment to seeding great companies and look forward to the continued impact of our portfolio companies on the Virginia economy.”

For more on CIT GAP Fund’s impact over the years, visit the fund’s website.


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