News

Virginia Innovation Partnership Corporation Introduces New Name of CIT GAP Funds: Virginia Venture Partners

Virginia Innovation Partnership Corporation (VIPC) has announced a new name for CIT GAP Funds: Virginia Venture Partners. The family of funds places equity investments in Virginia’s high-growth based technology, life science, and cleantech companies at the earliest developmental stages. This new name reflects the investment program’s renewed commitment to the Commonwealth and enduring partnerships with Virginia’s high-tech entrepreneurs.

“What we want to do is capitalize on the strengths that we have and build on those,” said Bob Stolle, President and CEO, VIPC. “Connecting innovators with opportunities is our business as we continue to work to provide the leadership necessary for funding, infrastructure and policy initiatives that support success for Virginia’s innovators, entrepreneurs, startups, market development and investment strategies. The renaming of the CIT GAP Funds to the Virginia Venture Partners reflects our new vision and mission as VIPC which is a critical part of the process.”

The mission of Virginia Venture Partners remains the same: invest in Virginia’s leading technology, clean tech and life science start-ups that have a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. Additional goals of Virginia Venture Partners include increasing support for traditionally underrepresented entrepreneurs, enabling portfolio company creation of new jobs, and providing new outreach events and resources for startups.

“Since the fund’s inception in 2005, we have invested in over 260 portfolio companies and have achieved significant return on investment and socio-economic impact for the Commonwealth of Virginia. Our new name, Virginia Venture Partners, is an exciting transition that highlights the noteworthy state of innovation in our region,” said Tom Weithman, VIPC Chief Investment Officer and Managing Director of Virginia Venture Partners. “Our investment team remains as committed as ever to providing balanced support for Virginia’s high-growth early stage companies, including financial investment, access to our ever expanding network and trusted advisory services to portfolio companies.”

Virginia Venture Partners will retain the names of its core investment funds:

  • Flagship seed funds: GAP Tech, GAP Life Sciences, and GAP Clean Energy
  • Pre-Seed funds: Virginia Founders Fund, focused on women founders and founders of color; and Virginia Partners Fund, focused on investing in companies in traditionally underserved geographies and working with key partners throughout the Virginia ecosystem

According to its 2020 Impact Report, Virginia Venture Partners, as CIT GAP Funds, has catalyzed over $1.1B of investment from more than 1,000 third-party investors and has been acknowledged by CBI Insight as Virginia’s most active investor for seven successive years.

Read more on Globe Newswire.

 

Recent News

04/02/2025

VCU startup wins $800k grant to propel its infection-fighting surgical gel

With an innovation that could advance brain and spinal surgeries, a Virginia Commonwealth University startup has received an $800,000 state grant to support development of its infection-fighting gel. Pascal Medical Corp. is one of four grant recipients to receive awards from Virginia Catalyst, a nonprofit created by the General Assembly and funded by the state’s general

04/02/2025

Quoin Pharmaceuticals Announces Additional Positive ‘Whole Body’ Clinical Data from Ongoing Pediatric Netherton Syndrome Study and Approval to Initiate Testing of a Second Pediatric Patient

Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) (the “Company” or “Quoin”), a late clinical stage, specialty pharmaceutical company focused on the development and commercialization of therapeutic products that treat rare and orphan diseases, today announces additional highly positive clinical data from its ongoing Investigator Pediatric Netherton Syndrome (NS) study. After 6 weeks of continued whole body application

04/02/2025

Charlottesville Angel Network Celebrates 10 Years, Surpasses $20 Million in Investments

The Charlottesville Angel Network (CAN), a group of accredited investors dedicated to supporting early-stage ventures, proudly marks its 10th anniversary this month. Since its inception, CAN angel investor members have invested more than $20 million in nearly 80 startups, fostering innovation both locally and beyond. Reflecting on a decade of achievements, CAN has realized returns