CIT GAP FUNDS - Center For Innovative Technology

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
Ranked Top 50 VC Funds Nationwide, #1 in Virginia by CBInsights

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 Growth Acceleration Program (GAP Funds)

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.

CIT GAP Funds | Investments for Impact & Return

Virginia Founders Fund (VFF)

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

Senseware Cofounder: Serene Almomen | CIT GAP Virginia Founders Fund Recipient | Forbes article | '50 Women-Led Startups That Are Crushing Tech'

Opinion/Commentary: Increasing access to venture capital for all Virginians | by Thomas Weithman, July 2018

Weithman is managing director of the GAP Funds at Virginia’s Center for Innovative Technology, which is altering its funding policies to make venture capital more available to underserved regions and groups.

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.

Contact Us

For consideration by CIT GAP Funds or the Virginia Founders Fund, please:

1. Apply for CIT GAP Funds through Gust.com. Gust provides a single common application for hundreds of angel groups across the world. Details and terms of use on Gust available here.

2. Or email your executive summary or pitchdeck to gap@cit.org.

All submissions will be reviewed timely.
Additional questions may be addressed to the CIT GAP Funds Investment Team:

For consideration by CIT GAP Funds, the Commonwealth Energy Fund (CEF)

CIT GAP Funds Investment Team Contacts:

Tom Weithman - CIT Chief Investment Officer and Managing Director

Mona Davis - Manager, Portfolio Analysis

Alex Euler - Investment Director

Jennifer O'Daniel - Investment Director

Marco Rubin - Senior Investment Director

Veronica Waters - Executive Assistant

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.

Phil Bronner
General Partner
Ardent Venture Partners
GAP Tech Fund Investment Committee

Jason Caplain
General Partner
Bull City Venture Partners
GAP Tech Fund Investment Committee

Kevin W. Combs
CEO
Molecular Biologicals, Inc.
GAP Life Science Fund Investment Committee

Joseph S. D’Amico
Principal
D’Amico Technologies Corp (DTC)
GAP Energy Fund Investment Committee

William Drohan
CEO
Southeastern Capital Investment Holdings, LLC
GAP Tech Fund Investment Committee

Benjamin Ebenezer
Vice President
Blu Venture Investors
GAP Tech Investment Committee

Daniel Farrell
Energy Financing Program Manager
Division of Energy, Virginia Department of Mines, Minerals and Energy
GAP Energy Fund Investment Committee

Steven M. Ferguson
Special Advisor
Office of Technology Transfer, NIH (National Institute of Health)
GAP Life Science Fund Investment Committee

Michael Graninger
Partner
Sands Capital Ventures
GAP Tech Fund Investment Committee Meeting

Jeffrey N. Hausfeld
Chairman and Founder
The Society of Physician Entrepreneurs
GAP Life Science Fund Investment Committee

Andy Ku
Principal
In-Q-Tel
GAP Tech Investment Committee

Dave McCarthy
Executive Director
Potential Energy DC
GAP Energy Fund Investment Committee

William McPheat
Board Member
VCU Commercialization Advisory Board
GAP Life Science Fund Investment Committee

Lisa C Moerner
Director
Innovation & Sustainability Technology, Dominion Energy Services, Inc.
GAP Energy Fund Investment Committee

Richard H. Moore
Vice President
Energy and Shared Resources, Connected DMV
GAP Energy Fund Investment Committee

John Newby
CEO
Virginia Biotechnology Association
GAP Life Science Fund Investment Committee

Dr. Bruce C. Robertson
Managing Director
H.I.G Capital
GAP Life Science Fund Investment Committee

Wolf Ruzicka
Chairman
EastBanc Technologies
GAP Tech Fund Investment Committee

Kyparissia Sirinakis
Managing Partner
Epidarex Capital
GAP Life Science Fund Investment Committee

Brian Steel
Director
Cleantech to Market
GAP Energy Fund Investment Committee

Robert Stolle
President and CEO
Center for Innovative Technology
GAP Tech, GAP Life Science and GAP Energy Fund Investment Committees

Egle Thomas
Principal
Stratergix, LLC
GAP Energy Fund Investment Committee

Sever Totia
Partner
3TS Capital Partners
GAP Tech Fund Investment Committee Meeting

Thomas Weithman
Chief Investment Officer
CIT GAP Funds
GAP Tech, Life Science and GAP Energy Fund Investment Committees

Steve Weinstein
Managing Member
Argus Innovation, LLC
GAP Life Science Fund Investment Committee

S. Tien Wong
Chief Executive Officer
Opus8, Inc.
GAP Tech Fund Investment Committee