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​Launched in 2018, the Virginia Founders Fund (VFF) is focused on providing venture capital for Virginia’s traditionally underrepresented entrepreneurs. Proceeds from the Center for Innovative Technology’s (CIT) successful GAP Funds investment program are being reinvested into the Virginia economy through the VFF, which specifically supports female, minority or veteran founders, or other entrepreneurs located in regions outside of Northern Virginia who are emerging into sectors such as software, hardware, life science, cleantech, and technology-enabled services. The VFF works with regional startup initiatives, early-stage funds, and accelerator programs across the Commonwealth to identify strategic opportunities for investment and potential co-investment to leverage additional capital.​

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The Virginia Founders Fund is administered by the CIT GAP Funds team. Both VFF and  GAP programs follow the below general investment criteria.

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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.

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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.

OR

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:

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​Resources for Historically Underrepresented Entrepreneurs

Funding Sources |

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Resources for Historically Underrepresented Entrepreneurs

Networks |

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​Resources for Historically Underrepresented Entrepreneurs

Additional Lists |

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Virginia Founders Fund (VFF) Investments

A list of current and past VFF investments in alphabetical order.​

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Virginia Founders Fund Press

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CIT Virginia Founders Fund Launch Press | Background on the Program

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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