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CIT Invests in Alexandria-Based Power Supply

12/06/2013
The Herndon-based Center for Innovative Technology (CIT) said it has invested an unspecified amount in Alexandria-based Power Supply, developer of an online network of local chefs that busy professionals can access for on-the-go meals. Patrick Smith, the CEO of Power Supply, said the investment will "accelerate development of our food commerce platform and meal review analytics engine," which he called core components of its network. "For us this all about using technology to enable tastier, healthier and more convenient food experiences," said Smith. Customers get access to a variety of locally prepared meals with no cooking time that they can pick up at their gym or studio. The company currently has more than 50 distribution locations in the DC area, and plans to expand to other regions. CIT made the investment through its GAP Funds, a family of seed- and early-stage investment funds targeting Virginia-based technology, life science and clean tech companies.

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