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Contact: Alan Fogg, afogg@fceda.org,
703-790-0600 (office) or 571-213-5065 (mobile)
Fairfax County companies receive $59 million in venture capital investments in first quarter of 2008
Fairfax County accounts for nearly 60 percent of Virginia total
Fairfax County, Virginia USA, May 8, 2008—Fairfax County-based technology companies received $59 million in venture capital investments in the first quarter of 2008, 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 total for Fairfax County companies represents 59.6 percent of the $98.9 million invested in Virginia companies during the quarter. The county total also represents 22.3 percent of the $264.6 million invested in 45 deals involving companies from the Washington region (District of Columbia, Virginia, Maryland and West Virginia), according to the MoneyTree™ Survey.
Companies that garnered the most venture capital money include GlobalLogic($29.5 million), AppAssure Software, Inc. ($6 million), Formatta ($4.3 million) and Netuitive ($4 million).
“Fairfax County continues to be the venture capital investment center of Virginia and the Washington area,” said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA. “The county’s venture capital activity illustrates its strength as an entrepreneurial community, and wil keep the county’s economy growing even as the economy stalls in many other parts of the country.”
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.
Below is a list of Fairfax County companies that received venture capital investment in January, February and March 2008:
Time magazine called Fairfax County “one of the great economic success stories of our time.” 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 access to domestic and international markets through Washington Dulles International Airport, and a well-educated workforce.
The Fairfax County Economic Development Authority promotes Fairfax County as a business and technology center. The FCEDA maintains marketing offices in San Francisco, Bangalore, Frankfurt, London, Seoul and Tel Aviv.
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