CIT's GAP Fund

The objective of CIT's GAP Fund is to help close Virginia's "funding gap" for pre-seed and seed stage technology companies. CIT identifies and makes funds available to early-stage tech companies with a high-potential for technology commercialization, rapid growth and downstream private equity financing. Through close consultation with CIT's Entrepreneurship and Investment Services Team, GAP portfolio companies will be positioned to achieve pre-determined performance milestones required to secure subsequent angel investment and Series A venture capital financing. Click here for more information on the GAP Fund Portfolio, or here for information on the GAP Fund Investment Advisory Board.

GAP Investments
GAP will invest up to $100,000 in early-stage technology companies in the form of convertible notes with outstanding principal and interest converting to a CIT equity position in the firm at the time of a qualifying financing event. CIT may attach warrants to GAP investments as a function of loan term, interest rate and payment schedule.

GAP Guidelines
In order to qualify for CIT’s GAP Fund, the early-stage technology company must:

• Have headquarters and significant portion of operations located in Virginia, or must agree to relocate to Virginia.
• Be involved in one or more of the following sectors: IT, communications, biotechnology, nanotechnology, materials or sensors.
• Have a high-potential prospect for commercialization and follow-on funding.
• Have a complete business plan.
• Provide evidence of a one-to-one match to requested GAP funding.

Companies should anticipate a 90-day cycle time between initial executive summary receipt and a positive funding decision by CIT.

For Consideration
For consideration by CIT's GAP, submit an electronic copy of a completed executive summary to gap@cit.org.  Submissions with non-disclosure agreements will not be accepted.