Virginia Seed & Early Stage Investment Funds
CIT GAP Funds is a family of seed- and early-stage -investment funds placing equity investments in Virginia-based technology, life science, and cleantech companies, with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia.
CIT GAP Funds named Virginia’s most active investor by CB Insights
A developer of a tech market intelligence platform that analyzes millions of data points on venture capital, startups, patents, partnerships, CB Insights named CIT GAP Funds as “Virginia Most Active Investor” for the past five years. In this distinction, CIT GAP Funds joins an impressive list of VCs, including California’s Andreessen Horowitz, New York’s Lerer Hippeau Ventures, and Washington D.C.’s New Enterprise Associates.
About CIT GAP Funds
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Since 2005, CIT GAP Funds has invested in Virginia’s leading technology, clean tech and life science start-ups. CIT GAP Funds invests for both impact and ROI, generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia.
CIT’s GAP Family of Funds Includes: GAP Fund I A vintage 2004 fund fully invested in a diversified portfolio of seed-stage science and technology-backed companies. GAP Tech Funds I-III Early stage funds focused on IT and technology companies. GAP Life Science Funds I-III Early stage funds focused on life science companies. GAP Energy Funds I-III Early stage funds focused on energy efficiency and renewable energy companies. Virginia Founders Fund Early stage fund focused on founder teams in Virginia’s traditionally under-served communities. MACH37 Seed Fund Seed stage cybersecurity fund dedicated to companies start-ups aligned with the MACH37 Accelerator. GAP Life Science Preferred Sectors | Biotechnology | Biopharmaceuticals | Medical Devices | Laboratory Instrumentation | Diagnostics | Healthcare IT | Nutraceuticals | Agricultural | Biotechnology | Biomaterials GAP Tech Preferred Sectors | Software | Telecommunications | | Information & Communication Technologies | E-Commerce | Networking & Equipment | Electronics/Instrumentation | Sensors | Materials | Special Focus Areas: Cybersecurity, Data Analytics, AI and ML, UAS GAP Energy Preferred Sectors | Renewable Energy | Transportation Technologies | Bio Fuels | Green Building Technologies | Water Treatment & Purification | Green Information Technology |
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CIT GAP Funds | Investments for Impact & Return
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Virginia Founders Fund (VFF)
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Launched in 2018, the Virginia Founders Fund (VFF) shines a light on the creativity and impact of entrepreneurs arising from Virginia communities traditionally underserved by risk capital. Through VFF, CIT GAP Funds has committed more than $3M of its returns for reinvestment in female founders, founders of color, veteran founders and founders located in regions outside of Northern Virginia, seeking to maximize both the economic development and social equity imperatives of the Commonwealth.
“This investment fund will expand opportunities for startups throughout the Commonwealth, and place a priority on veteran, minority, and women-owned businesses,” said Governor Northam. “We are proud of Virginia’s diverse economy – geographically and demographically. The Virginia Founders Fund will make it easier for our budding entrepreneurs to find the backing they need, and help strengthen the Commonwealth's position as a premier location for entrepreneurship and investment.” Governor Northam Announces Creation of the Virginia Founders Fund
New seed investment fund that brings increased access to venture capital to Virginia’s underrepresented entrepreneurs. | Press Release | Office of the Governor | April 12, 2018 |
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CIT GAP Funds Investment Considerations
Management Team
CIT GAP Funds invests in founders who have a made a full-time commitment to their business, demonstrate integrity, passion, coach-ability and creativity, and demonstrate a record of high achievement.
Investment Stage
CIT GAP Funds targets seed-early stage, pre-venture investment opportunities with a clearly articulated business plan, in which Commonwealth funds serves as a critical enabler of company growth. Generally, CIT GAP Funds invests 12-36 months in advance of a Series-A venture investment.
Investment Range
CIT GAP Funds initially invests up to $125,000 alone, or in larger syndication rounds. Focusing use of proceeds on specific technology or business development milestones, the achievement of which will enable recipients of raise larger sums of private capital, CIT GAP Funds seeks to participate in the earliest stages of company formation.
Proprietary Advantage
CIT GAP Funds seeks portfolio companies that have a proprietary advantage such as a unique technology development approach, intellectual property position or a difficult-to-replicate business model.
Scalability
CIT GAP Funds invests in companies capable of generating returns aligned with the expectations of angel or venture capital investors. Specifically, CIT GAP Funds looks for evidence of large-scale buying power and the company’s ability to capture, rapidly grow and sustain a dominant market position.
Geographic Focus
CIT GAP Funds invests exclusively in companies headquartered, and with an express desire to grow in, the Commonwealth of Virginia.
CIT GAP Funds invests in founders who have a made a full-time commitment to their business, demonstrate integrity, passion, coach-ability and creativity, and demonstrate a record of high achievement.
Investment Stage
CIT GAP Funds targets seed-early stage, pre-venture investment opportunities with a clearly articulated business plan, in which Commonwealth funds serves as a critical enabler of company growth. Generally, CIT GAP Funds invests 12-36 months in advance of a Series-A venture investment.
Investment Range
CIT GAP Funds initially invests up to $125,000 alone, or in larger syndication rounds. Focusing use of proceeds on specific technology or business development milestones, the achievement of which will enable recipients of raise larger sums of private capital, CIT GAP Funds seeks to participate in the earliest stages of company formation.
Proprietary Advantage
CIT GAP Funds seeks portfolio companies that have a proprietary advantage such as a unique technology development approach, intellectual property position or a difficult-to-replicate business model.
Scalability
CIT GAP Funds invests in companies capable of generating returns aligned with the expectations of angel or venture capital investors. Specifically, CIT GAP Funds looks for evidence of large-scale buying power and the company’s ability to capture, rapidly grow and sustain a dominant market position.
Geographic Focus
CIT GAP Funds invests exclusively in companies headquartered, and with an express desire to grow in, the Commonwealth of Virginia.
Contact Us
For consideration by CIT GAP Funds, the Commonwealth Energy Fund (CEF), or the Virginia Founders Fund, please email your executive summary to gap@cit.org.
Preferred executive summary template can be found here:
Preferred executive summary template can be found here:
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All submissions will be reviewed, and a response can be expected within two weeks.
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CIT GAP ContactsFor general questions or consideration by CIT GAP Funds, the Commonwealth Energy Fund (CEF), or the Virginia Founders Fund, please email your executive summary to gap@cit.org.
CIT GAP Team Contacts |
CIT GAP Funds Investment Advisory Board
CIT GAP Funds augments the capabilities of its core investment team by leveraging the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources.
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Ed Albrigo President and CEO, Center for Innovative Technology Investment Advisory Board – November 2015 to Present GAP Tech, GAP BioLife & GAP Energy Energy Fund Investment Committees Jason Caplain General Partner, Bull City Venture Partners Investment Advisory Board – February 2015 to Present GAP Tech Fund Investment Committee Kenneth C. Carter, Ph.D. President and CEO, Noble Life Sciences, Inc. Investment Advisory Board – July 2012 to Present GAP Life Sciences Fund Investment Committee Joseph D’Amico Vice President, Gas Technology & Marketing, Alpha Natural Resources Investment Advisory Board – July 2011 to Present GAP Energy Fund Investment Committee Paul Duncan President, GSD Energy Consultants Investment Advisory Board – July 2011 to Present GAP Energy Fund Investment Committee |
Steven M. Ferguson Deputy Director, Licensing & Entrepreneurship, Office of Technology Transfer Investment Advisory Board – July 2011 to Present GAP Life Sciences Fund Investment Committee J.S. Gamble Founder, BluVenture Investors, LLC Investment Advisory Board – July 2011 to Present GAP Tech Fund Investment Committee Richard H. Moore COO, Washington Gas Energy Services Division Head, Strategy and Business Development, WGL Investment Advisory Board – July 2014 to Present GAP Energy Fund Investment Committee Cody Nystrom Senior Associate, SJF ventures Investment Advisory Board – July 2011 to Present GAP Energy Investment Committee Dr. Bruce C. Robertson Managing Director, HIG Bio Ventures Investment Advisory Board – November 2003 to Present GAP BioLife Fund Investment Committee |
Wolf Ruzicka Chairman, EastBanc Technologies Investment Advisory Board – September 2014 to Present GAP Tech Fund Investment Committee Kyparissia Sirinakis Managing Partner, Epidarex Capital Investment Advisory Board – September 2014 to Present GAP BioLife Fund Investment Committee Egle Thomas Director of Business Development, The Institute for Advanced Learning and Research (IALR) Investment Advisory Board – July 2011 to Present Commonwealth Energy Investment Committee Tom Weithman Chief Investment Officer Investment Advisory Board – July 2005 to Present GAP Tech, GAP BioLife & GAP Energy Energy Fund Investment Committees Steve Weinstein Managing Director, Novartis Venture Fund Investment Advisory Board – March 2012 to Present GAP BioLife Fund Investment Committee S. Tien Wong Chief Executive Officer, Lore Systems, Inc. Investment Advisory Board – July 2006 to Present GAP Tech Fund Investment Committee |
Investments
A list of current and past investments in alphabetical order.
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