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For Immediate Release
Contact: Alan Fogg, Director of Communications
afogg@fceda.org, 703-790-0600 (o) or 571-213-5065 (m)
Thirty-seven Fairfax County companies receive $242.2m in venture capital in ‘03
Fairfax total represents two-thirds of deals in Virginia
Fairfax County, Virginia, February 27, 2004 – Thirty-seven Fairfax County-based technology companies received $242.2 million in venture capital investments in 2003, 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. Of the 37 companies, five received multiple rounds of financing, bringing the number of deals for the year to 45.
The Fairfax County funding total represents 67.7 percent of the $357.7 million invested in Virginia companies during the year, according to the MoneyTree ™ Survey. The county total represents nearly a third (31.2 percent) of the venture capital investments made in the Washington metropolitan region.
“The venture capital market nationwide is still recovering from the economic downturn of the last few years, however investors continue to find Fairfax County to be one of the few viable markets in the United States for cutting-edge IT companies,” said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA.
Fairfax County companies have received about $3.2 billion in private equity funding since the FCEDA began its Capital Attraction Program in 1997. The number of Fairfax County companies receiving funding during 2003 decreased from 45 in 2002. The dollar amount invested in Fairfax County companies last year dropped from $265 million in 2002 and $425 million in 2001, mirroring a nationwide drop in private equity funding for technology companies.
Thirty-three 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 2003 totals include 13 companies that received $69.2 million in venture capital funding in the fourth quarter of the year. A complete list of companies receiving venture capital investment during 2003 is available here.
Fairfax County companies receiving venture capital investments during October, November and December 2003, according to the MoneyTree ™ Survey:
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