Foggy Bottom-based Dcode has launched an investment network to support high-growth tech companies working with federal agencies.
Launched in 2015, Dcode is a government technology accelerator. The organization’s new venture, Dcode Capital, is an invite-only network for angel investors and venture capital firms looking to invest larger amounts of funding into tech startups serving the federal government sector.
During this time of economic uncertainty due to COVID-19, Dcode is hoping this new network will help financially support tech startups that may be struggling to land some funding.
“The coronavirus outbreak stresses the U.S. government’s need for commercial tech solutions that are fully vetted and equipped to support government missions today,” said Dcode CEO Meagan Metzger, said in a blog post. “Plus, the federal market is an opportunity for tech companies looking to diversify their revenue, which is even more important now.”
Members in Dcode Capital include former federal CIOs, former military leaders, private sector directors and more, per the blog post, though Metzger didn’t share specific names. The new investment network is led by Metzger, Dcode CSO Meg Vorland and Dcode board member Phaedra Chrousos.
“We look forward to working with our Dcode Capital members to continue driving commercial innovation into the federal market to improve the way the government runs and support the emerging tech ecosystem that will make our country stronger,” Metzger said.
Dcode Capital has invested $3 million into six companies to date — all accelerator alums — including Arlington, Virginia’s Stardog, and San Francisco-based data visualization company Trifacta via participation in a $200 million Series D round.
“Right now Dcode Capital is focused on companies that have successfully completed the Dcode accelerator program because we know them well and are confident in their potential to make the government better,” Vorland said in an email. “We see opportunities in the future to broaden the aperture, but for now, we have received a lot of interest from our ~100 alumni companies and are excited about the impact they will have in the government.”
This announcement comes after Dcode moved its training courses and other programming virtual after seeing an increase in remote work. The accelerator has virtual programs that range from a half a day to three days.
In February, Dcode Marketing Associate Mary Beth Fiedler wrote about the questions tech startups should be asking when preparing for success in the federal market for Technical.ly.-30-