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FOR IMMEDIATE RELEASE
Alan Fogg,
Director of Communications
afogg@fceda.org, 703-790-0600
Fairfax County Companies Lure $101m in Venture Capital in Q2
County figure is about 75 percent of northern Virginia sum
Fairfax County, Virginia, August 20, 2001— Nine Fairfax County-based technology companies received $101.5 million in venture capital investment in April, May and June, according to the latest PricewaterhouseCoopers Money Tree Survey in partnership with Venture One. Fairfax County led all Washington-area localities in the number of deals, and the dollar amount was 74.9 percent of funds invested in companies in northern Virginia and 20.7 percent of the total for Virginia, Maryland and Washington, D.C., combined.
Most of the Fairfax County companies that received investments in the second quarter develop computer software products, although one is developing medical devices. Some received later-stage funding while others received early-stage investments.
In line with the drop in activity nationally and in the Washington region, venture capital investment fell in Fairfax County from previous quarters. The most recent figures: First quarter 2001, $150.8 million to 16 companies; fourth quarter 2000, $277 million to 23 companies; third quarter 2000, $310.97 million to 30 companies.
Fairfax County had the second highest investment total for localities in what the MoneyTree Survey calls the D.C. Metroplex. Five companies in Washington, D.C., received $134.9 million during the second quarter.
"Getting funded is harder everywhere these days, but companies that are producing what the market needs still are finding investors and Fairfax County remains the best place in northern Virginia and Virginia to bring companies and investors together," said Gerald L. Gordon, Ph.D., president and CEO of the Fairfax County Economic Development Authority (www.FairfaxCountyEDA.org).
Thirty-four venture capital firms and organizations have offices in Fairfax County, up from 20 at the beginning of 2000.
The MoneyTree Survey (www.pwcmoneytree.com) identified these Fairfax County-based firms that received venture capital in the second quarter:
- eCommerce Industries, business software, $21 million.
- Global Learning Systems, educational software, $10 million.
- iKimbo, business software, $9.5 million.
- Mantas, business software, $15 million.
- NetDecide, financial software, $8 million.
- PromiseMark, business software, $1.5 million.
- Portris, business software, amount not disclosed.
- SonoMedica, medical devices, $1.5 million.
- Workscape, business software, $35 million.
The Fairfax County Economic Development Authority promotes Fairfax County as a business and technology center. The FCEDA assists businesses by identifying possible sites and facilities, and is a source for up-to-date demographic and economic statistics. The FCEDA maintains a capital attraction program to link entrepreneurs and start-up companies with funding sources. Another program targets small, minority and women-owned businesses. The FCEDA maintains marketing offices in London, Frankfurt and Tokyo.
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