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Contact: Alan Fogg, afogg@fceda.org,
703-790-0600 (office) or 571-213-5065 (mobile)
Thirty-eight Fairfax County companies garner more than $268 million in venture capital funding in 2007
Fairfax investments represent 60 percent of Virginia total
Fairfax County, Virginia USA, February 15, 2008 –Thirty-eight Fairfax County-based information technology companies received $268.6 million in venture capital investments in 2007, according to figures compiled by the Fairfax County Economic Development Authority (FCEDA) based on the PricewaterhouseCoopers/Venture Economics/National Venture Capital Association MoneyTree™ Survey.
The 38 companies were involved in 45 venture capital deals, as several companies received multiple infusions of capital. The Fairfax County investments represent 59.6 percent of the $450.3 million invested in Virginia companies in 2007. The county total also represents 22.4 percent of the $1.2 billion invested in 198 deals involving companies from the Washington region (District of Columbia, Virginia, Maryland, West Virginia) during the year, according to the MoneyTree™ Survey.
Fairfax County companies that garnered the most venture capital investment in 2007 include Avectra ($26.5 million), Avail Media, Inc., ($23.7 million) and JobFox, Inc., ($20 million).
Fairfax County companies have received almost $4 billion in private equity funding since the FCEDA (www.FairfaxCountyEDA.org) began its Capital Attraction Program in 1997 to increase venture capital deal flow in Fairfax County and to connect investors and entrepreneurs. More than 30 venture capital firms and organizations have offices in Fairfax County, the highest concentration in the Washington area.
“Thanks to this program Fairfax County is on the map as an important hub for venture capital activity and entrepreneurism for the Washington region, Virginia and the country,” said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA. “Fairfax Cuonty businesses benefit from the FCEDA’s outreach to venture capitalists around the nation.”
Business growth helps Fairfax County, minutes from Washington, D.C., fund public services such as a top-ranked public school system that improve residents’ quality of life. Fairfax County offers diverse real estate options, access to domestic and international markets through Washington Dulles International Airport, a business community based on technology and professional services, and a well-educated workforce.
A list of companies receiving venture capital investment for 2007 is posted at www.FairfaxCountyEDA.org/ven_07.htm
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