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FOR IMMEDIATE RELEASE
Alan Fogg,
Director of Communications
afogg@fceda.org, 703-790-0600
Venture Funding Up 81 Percent in Fairfax County
MAVA Forum to Spotlight 14 More Fairfax County–based Companies
Fairfax County, Virginia, September 14, 1998 — Venture capital funding for Fairfax County-based companies grew by more than 81 percent in the first half of 1998 over the same period last year, according to the Fairfax County Economic Development Authority (FCEDA). The growth in venture funding is the largest increase since the FCEDA began its Capital Attraction Program in 1996.
"Investors are paying a lot of attention to Fairfax County as a location for the up-and-coming companies of tomorrow," said Patricia M. Woolsey, chairman, Fairfax County Economic Development Authority. In Fairfax County, venture funding grew by 81 percent to $105 million in the first half of 1998, up from $58 million during the first half of 1997.
To further encourage venture capital growth in Fairfax County, the FCEDA is a sponsor of the Mid-Atlantic Venture Forum, September 15-16 at the Ritz Carlton Hotel in Tysons Corner. The forum will spotlight 14 Fairfax County-based companies that are seeking their first or second round of venture capital.
More than 400 investors from around the country are expected to attend the forum, which will provide an unprecedented opportunity for investors to meet Fairfax County CEOs and company executives. Likewise, start-up companies in Fairfax County can showcase their companies’ innovations and new technologies.
"We’re delighted to bring some of the country’s leading venture capitalists together with these cutting-edge companies," said Woolsey. "Investors and companies are realizing quickly that Fairfax County represents a win-win situation."
Vienna-based Morph Technologies Inc., an innovative company which builds Wild World Webware™ for people building the World Wide Web, is just one of the Fairfax County companies participating in the MAVA Forum. According to Tony Carter, whose investment company helped fund Morph Technologies, Fairfax County is a major center for venture capitalists. "Fairfax County attracts investors and start-ups because the County provides a fertile environment for success and growth."
Fairfax County recently demonstrated its commitment to attracting venture capital by partnering with the Mid-Atlantic Venture Association (MAVA). In addition to the September 16 Forum, MAVA hosts an annual Fair, one of the premiere venture capital events for the Mid-Atlantic region. Last year’s event, held in Fairfax County, broke venture capital event records—more than 1,000 attendees were introduced to nearly 100 companies.
According to Art Marks, chairman of the MAVA Forum, "Fairfax County has become a real hotspot for start-up companies, especially those in information technology. It makes sense that the MAVA Forum would be held in a location that represents the growth and success of venture capital."
The Fairfax County Economic Development Authority provides services and information designed to promote Fairfax County as a business location for domestic and international companies and organizations. The FCEDA assists businesses by identifying possible sites and facilities and is a source for up-to-date demographic and economic statistics. For more information, visit the FCEDA’s Web page at www.FairfaxCountyEDA.
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