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Contact: Alan Fogg, Communications Director,
afogg@fceda.org, 703-790-0600 (o) or 571-213-5065 (m)
Twelve Fairfax County companies receive $73 million in venture capital funding in second quarter
Fairfax County accounts for 83 percent of Virginia total
Fairfax County, Virginia USA, September 5, 2006 – Twelve Fairfax County-based companies received $73.5 million in venture capital investments in the second quarter of 2006, 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. All 12 companies work in the technology industry.
One company, Powerprecise, Inc., raised an undisclosed amount of venture capital funding.
The total for Fairfax County companies represents 83 percent of the $88.27 million invested in Virginia companies during the quarter. The county total also represents 16.2 percent of the $454.7 million invested in 54 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 include online job matchmaking service Market10 ($13 million), product development firm Induslogic ($12.5 million) and wireless networking firm MobileAccess Networks, Inc. ($10.9 million)
“Once again we lead the Commonwealth of Virginia in venture capital funding,” said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA. “ Fairfax County entrepreneurs are finding the financial resources that are needed to start and grow a company.”
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 fund public services, such as the nation’s top-rated school system, that contribute to the quality of life of its residents. Fairfax County offers businesses a state-of-the-art telecommunications infrastructure, access to domestic and international markets through Washington Dulles International Airport, and a well-educated workforce.
The Fairfax County Economic Development Authority (www.FairfaxCountyEDA.org) promotes Fairfax County as a business and technology center. 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 worldwide marketing offices in Silicon Valley, Bangalore, Frankfurt, London, Seoul and Tel Aviv.
Below is a list of companies receiving venture capital investment in April, May and June 2006.
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