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Contact: Alan Fogg, Communications Director,
afogg@fceda.org, 703-790-0600 (o) or 571-213-5065 (m)
45 Fairfax County companies win $297 million in venture capital funding during 2005
Annual MoneyTree™ Survey shows 51.5 percent increase over 2004 totals
Fairfax County , Virginia , February 20, 2006 – Forty-five Fairfax County-based information technology companies received $296.94 million in venture capital investments in 2005, according to figures compiled by the Fairfax County Economic Development Authority (FCEDA) based on the recently released PricewaterhouseCoopers/Venture Economics/National Venture Capital Association MoneyTree™ Survey. The 2005 total is a 51.5 percent increase from the $196 million invested in 32 Fairfax County companies in 2004.
The 2005 total for Fairfax County companies represents 74 percent of the $401 million invested in Virginia companies during the year. The county total also represents 33.4 percent of the $885 million invested in 184 deals involving companies from the Washington region (District of Columbia, Virginia, Maryland, West Virginia), according to the MoneyTree™ Survey.
Companies that garnered the most venture capital money during the year included communications firms CSM Wireless ($30 million), SunRocket ($30 million) and RaySat ($27 million).
“Venture capital investment continues to rebound as our economy outperforms virtually every other area of the country,” said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA. “Our strong technology, defense and homeland security sectors make Fairfax County an attractive location for investors as well as entrepreneurs and early-stage companies.”
“As a company focused on developing risk and compliance software for large enterprises, it is important to be headquartered where we can recruit top software engineers,” said Julian Waits, president and CEO of Fairfax County-based Brabeion Software, which received $5 million in venture capital during 2005. “We are very pleased with the support we have received from the Fairfax County EDA as we aggressively expand our business across the globe.”
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 options, 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 FCEDA maintains overseas offices in Bangalore, Frankfurt, London, Seoul and Tel Aviv.
In the fourth quarter of 2005, 12 companies received $42.36 million in venture funding, according to the MoneyTree ™ Survey. Below is a list of these companies. A complete list of companies receiving venture capital investment for 2005 is available here.
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