The Center for Innovative Technology GAP Funds cemented its mantle as one of the region’s most active early-stage investment groups earlier this month when the number of companies in its portfolio surpassed 100.
That marks a rapid pace of investment for any organization that’s not even a decade old, but it’s particularly notable since a majority of those deals have come in just the past four years.
In that time, Virginia’s lawmakers have ramped up financial support for the funds and their mission of investing in technology, life sciences and clean technology companies around the state.
From 2005 to 2009, CIT GAP Funds was allocated roughly $500,000 in each year’s budget — enough money to make just a handful of deals. In subsequent fiscal years, however, that number has climbed to $1.5 million in 2010, $2 million in 2011, $5 million in 2012 and $4.2 million last year.