In Virginia, 66 startups raised over $325 million in venture capital in the first six months of 2018, according to Pitchbook, a leading venture and M&A database that collects deal data in real-time.
In Pitchbook's first half report, the company outlined the top deals in every major MSA (metropolitan statistical area), with four Richmond deals being singled out. (Keep in mind that these are just the local venture deals that Pitchbook, which uses machine learning and data teams to comb SEC filings, press releases and more, captured in the past six months and does not represent all Richmond investments).
In the Richmond area, Henrico's West Creek Financial topped the list with a $7.4 million debt raising round in May. The round was led by Summit Action Fund and brings the company, which offers lease-to-own financing for furniture and equipment, to $45 million in total funding.
Need Supply, the fast-growing retail and apparel company, followed with $3 million in venture funding. Founded in 1996, Need Supply Co.'s recent growth has been spurred by its e-commerce business, helping the startup record 63 percent growth over the past three years.
Nutriati, a food technology company whose first products include chickpea flour and chickpea protein concentrate, brought in $2.525 million in early-stage VS. The startup, which launched in 2013, is focused on developing and commercializing innovative plant-based food ingredients.
Alton Lane, the popular custom mensware brand, netted $2.5 million in early May. Dubbed the "future of bespoke design" by Fast Company, Alton Lane uses 3-D modeling to help it make the ideal custom suits, shirts and blazers.
Finally, health tech company GPB Scientific, which is working to enable the automation of therapeutic cell manufacturing, nabbed $500,000 in angel funding.
Richmond, VA Breakdown:
- West Creek Financial | $7.4 Million | 5/18/18 | Debt Financing | Financial Services
- Need Supply | $3 Million | 4/11/18 | Angel (individual) | B2C, E-Commerce
- Nutriati | $2.525 Million | 5/18/18 | Early Stage VC | B2C, Food & Beverage
- Alton Lane | $2.5 Million | 5/3/18 | Series C | B2C, E-Commerce
- GPB Scientific | $500,000 | 6/4/18 | Angel | Healthcare Technology
Beyond Richmond, several startups in Charlottesville raised venture capital in the first half of 2018, including Social SafeGuard, CareTaker Medical and Digital ReLab.
Charlottesville, VA Breakdown:
- Social SafeGuard | $11 Million |6/27/18 | Early Stage VC | Information Technology
- CareTaker Medical | $3.4 Million | 5/16/18 | Early Stage VC | Healthcare Technology
- Digital ReLab | $1.5 Million | 5/4/18 | Angel | Information Technology
And in Danville, Mesur.io, an IoT startup helping farmers measure their environmental impact, raised $750,000 from the Geekdom Fund, a San Antonio-based venture fund.
Danville, VA Breakdown:
- Mesur.io | $0.75 Million | 4/16/18 | Early Stage VC | Information Technology
