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For Immediate Release
Alan Fogg, Director of Communications
afogg@fceda.org, 703-790-0600 (o) or 571-213-5065 (m)
Eight Fairfax County companies receive $29.3 million in venture capital funding
Fairfax County accounts for nearly 70 percent of third-quarter Virginia total
Fairfax County, Virginia, November 5, 2004 – Eight Fairfax County-based companies received $29.3 million in venture capital investments in the third quarter of 2004, 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 Fairfax County funding total represents 69 percent of the $42.4 million invested in 13 Virginia companies during July, August and September, according to the MoneyTree ™ Survey. The county total represents 19 percent of the $156 million in investments made to 31 companies in the Washington, D.C., region in the quarter.
Fairfax County companies have received about $3.7 billion in private equity funding since the FCEDA began its Capital Attraction Program in 1997 to link entrepreneurs with possible funding sources and increase the number of deals made in the county. Thirty-three venture capital firms and organizations have offices in Fairfax County, the highest concentration in the Washington area.
“Many of the firms receiving venture backing in the last quarter are early-stage companies. It is a good indication of renewed strength in the market when young companies receive financial support, and our Capital Attraction Program is designed to help them find possible investors,” said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA.
Fairfax County companies receiving venture capital investments in the third quarter, according to the MoneyTree ™ Survey:
The Fairfax County Economic Development Authority (www.FairfaxCountyEDA.org) 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’s Capital Attraction Program links technology entrepreneurs with potential investors. Another program supports the growth of minority and woman-owned businesses. The FCEDA maintains overseas marketing offices in Bangalore, Frankfurt, London, Tel Aviv and Tokyo.
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