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For Immediate Release
Alan Fogg,
Director of Communications
afogg@fceda.org, 703-790-0600 (o) or 571-213-5065 (m)
Forty-five Fairfax County IT companies win
$261m in venture capital investment in ’02
More companies find funding, but dollar amounts
mirror nationwide drop
Fairfax County, Virginia, February 27, 2003—Forty-five Fairfax County-based technology companies received $261.5 million in venture capital investments in 2002, according to figures compiled by the Fairfax County Economic Development Authority (FCEDA) and based on the PricewaterhouseCoopers/Venture Economics/National Venture Capital Association MoneyTree™ Survey.
The number of Fairfax County companies receiving funding during 2002 increased from 43 in 2001, and 11 companies funded in 2002 received more than one round of investment. The dollar amount invested in Fairfax County companies last year dropped from $425 million in 2001 and $1.25 billion in 2000, echoing the nationwide drop in private equity funding for technology companies.
The Fairfax County funding total represents 64 percent of the $408.7 million invested in Virginia companies during the year, according to the MoneyTree ™ Survey. The county total also is higher than venture capital investments made in 36 states, according to the survey.
“Like the rest of the country, we have seen a drop in venture investment here, but the increase in the number of companies funded last year shows that good, marketable IT ideas still find investors here,” said Gerald L. Gordon, president and CEO of the FCEDA.
Thirty-four venture capital firms and organizations have offices in Fairfax County, the highest concentration in the Washington area.
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 information. 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.
The 2002 totals include 14 companies that received $31.8 million in venture capital funding in the fourth quarter of the year.
Fairfax County companies receiving venture capital investments during October, November and December 2002, according to the MoneyTree ™ Survey:
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