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For Immediate Release
Alan Fogg, Director of Communications
afogg@fceda.org, 703-790-0600 (o) or 571-213-5065 (m)
Nearly $40 million in venture capital funding goes to 11 Fairfax County companies
Fairfax County accounts for almost half of Virginia total
Fairfax County, Virginia, September 1, 2004 – Eleven Fairfax County-based technology companies received $39.5 million in venture capital investments in the second 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 49.3 percent of the $80 million invested in Virginia companies during the quarter, according to the MoneyTree ™ Survey. The county total represents a quarter of the $132.7 million in investments made to 43 companies in the Washington region (District of Columbia, Virginia, Maryland, West Virginia) in April, May and June.
“Venture capital funding is the lifeline for many entrepreneur companies. Fairfax County’s continued strength in this area is an indication of the width and breadth of our technology sectors,” said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA.
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. Thirty-three venture capital firms and organizations have offices in Fairfax County, the highest concentration in the Washington area.
Fairfax County companies receiving venture capital investments in the second quarter, according to the MoneyTree ™ Survey:
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. Another program targets small, minority and women-owned businesses. The FCEDA maintains marketing offices in Bangalore, Frankfurt, Frankfurt, Tel Aviv and Tokyo.
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