|
Contact: Alan Fogg, Communications Director,
afogg@fceda.org, 703-790-0600 (o) or 571-213-5065 (m)
Eight Fairfax County companies receive $70.7 million in venture capital funding
Q3 investments bring 2005 total to $254 million
Fairfax County, Virginia USA, November 8, 2005 – Eight Fairfax County-based information technology companies received $70.7 million in venture capital investments in the third quarter of 2005, 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. Through the first three quarters of the year, 39 Fairfax County companies received $254.82 in venture funding.
Two companies, satellite Internet service provider RaySat and Internet telephone service provider SunRocket, received $27 million and $25 million in venture capital investments respectively.
The third-quarter Fairfax County funding total represents 83.7 percent of the $84.3 million invested in 15 Virginia companies during the period, according to the MoneyTree ™ Survey. The county total represents 34.9 percent of the $202.16 million in investments made to 39 companies in the Washington region ( District of Columbia, Virginia, Maryland, West Virginia) in July, August and September.
“As the year progresses we continue to see strong interest in Fairfax County companies by investors,” said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA. “Our always-strong technology sector continues to grow as investors place their confidence in more and more Fairfax County companies.”
Fairfax County companies have received almost $4 billion in private equity funding since the FCEDA began its Capital Attraction Program in 1997 to link entrepreneurs with possible funding sources. More than 30 venture capital firms and organizations have offices in Fairfax County, the highest concentration in the Washington area.
Business growth helps Fairfax County, minutes from Washington, D.C., fund public services such as a top-ranked public school system and library, public safety, social services and park systems that improve the quality of life. Fairfax County offers diverse real estate opportunities, access to domestic and international markets through Washington Dulles International Airport, a business community based on technology and professional services, and a well-educated workforce.
The Fairfax County Economic Development Authority ( www.FairfaxCountyEDA.org), which has been recognized by Site Selection magazine as one of the top economic development groups, promotes Fairfax County as a business and technology center. The FCEDA assists businesses by identifying possible sites and facilities, and provides demographic and economic statistics.
The eight Fairfax County companies receiving venture capital investments in the third quarter according to the MoneyTree ™ Survey:
# # #
| |
