AtWork Systems is thrilled to announce that we have been selected as one of the initial candidates for funding under the new initiative led by Virginia Innovation Partnership Corporation (VIPC). This significant achievement underscores our commitment to innovation and excellence in the entrepreneurial ecosystem of Virginia.
Virginia Governor Glenn Youngkin recently announced this groundbreaking initiative, which leverages previous federal funding from the U.S. Department of Treasury under its SSBCI Equity/Venture Capital Program. VIPC’s Virginia Invests is launching new investment partnerships with an initial selection of seven diverse first-time and emerging fund managers. This initiative is expected to catalyze and attract $250 million in investment into over 100 high-growth Virginia startups over the next 3-5 years through private sector fund matching and co-investment.
The selection of AtWork Systems for this program is a testament to our innovative approach and the impactful work we do. This initiative will accelerate capital investment from both in-state and out-of-state sources into Virginia startups, providing unparalleled opportunities for growth and innovation. It is particularly focused on supporting female, Black, Hispanic, veteran, and rural-based entrepreneurs, aligning perfectly with our commitment to fostering diversity and inclusion.
VIPC’s selected fund managers are focusing on key industry sectors such as Health/Life Science, National Security/Defense, Aerospace, FinTech, AI, Software, Cybersecurity, Space, Logistics, and Automation. This broad scope spans the early-stage capital continuum, including angel, pre-seed, seed, post-seed, Series A, and Growth funding.
Governor Youngkin emphasized the importance of this initiative, stating, “As governor, I acknowledge the crucial role that small businesses play in the Commonwealth’s growth, and I’m thrilled this statewide initiative will accelerate innovation, entrepreneurship, and unleash opportunity for startups across the Commonwealth.”
VIPC’s Virginia Invests is not just about financial capital; it is about reinvesting value into local communities. Each selected fund manager is committed to launching new ecosystem partnership initiatives in collaboration with local stakeholder organizations. These initiatives aim to engage over 1,000 entrepreneurs across the Commonwealth through pitch competitions, entrepreneur roundtables, educational programming, student internships, venture fellowships, mentorship connections, and investor networking conferences.
Secretary of Commerce Caren Merrick highlighted the significance of this program, stating, “It is an exciting time to launch, grow, invest in businesses, and to innovate in Virginia! As a woman founder and entrepreneur, I know firsthand the funding challenges experienced at the riskiest stages of a startup company venture. I also know firsthand that Virginia is the best place to start and grow a business. VIPC’s Virginia Invests will accelerate founders and Virginia’s bold innovators.”
Joe Benevento, President and CEO of VIPC, added, “VIPC’s Virginia Invests is an empowering step in connecting capital with opportunity and expanding access to investment avenues for Virginia’s diverse entrepreneurs and founders. I am particularly excited about harnessing both the human capital and investment capital of Virginia Invests, and I look forward to working with our selected fund managers and ecosystem partners across the entire Commonwealth to foster collaboration.”
Virginia Invests is administered by VIPC’s internal venture capital investment group, Virginia Venture Partners (VVP), and is powered through the State Small Business Credit Initiative (SSBCI), a $10 billion program of the U.S. Treasury to promote American entrepreneurship, support small business stability, growth, and success, and democratize access to capital in underserved communities. For every $1 of SSBCI capital deployed, it is expected to catalyze up to $10 of follow-on investment.
We at AtWork Systems are honored to be part of this transformative initiative and look forward to contributing to the growth and success of Virginia’s entrepreneurial landscape.