The venture capital scene stayed quiet as leaves began to fall in Richmond, but the tech ecosystem was buoyed by a handful of corporate investments in regional growth.
West Creek Financial led the local startup funding with a $150 million credit line that it plans to dish out to its own borrowers in the retail industry. Meanwhile, Dominion Energy and Smithfield Foods are doubling an investment worth hundreds of millions, and two established tech companies are planting major offices in RVA.
Here are the biggest Richmond startup funding deals, mergers and acquisitions from October.
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Funding
Charlottesville-based jobs directory Moonlighting took in $2 million in equity funding, according to SEC filings. The startup, founded last year, focuses on contract, part-time and remote work for freelancers. In the Richmond area, the database offers a mixed bag of gig work – from resume writing and blogging to lawn mowing and pet portraits.
Henrico-based financing startup West Creek Financial secured a $150 million credit line that will allow it to increase lending to its clients in the retail industry. The credit facility came from Pollen Street Capital, a London-based investment group focused on fintech and financial services, and brings West Creek's total credit capacity to $250 million. It comes as the startup, with 165 of its 200 employees based in Richmond, plans to add about 100 jobs nationwide in 2020. Read more here.
With the help of a $1.5 million grant from the Virginia Research Investment Fund, Virginia Tech and Old Dominion University are leading the creation of the Commonwealth Center of Innovation for Autonomous Systems. The center lined up $2.2 million in matching funds and plans collaborations with companies including Atlas-NA, Burton-LeRoy, Cambrian Design and Development, Procomm Aviation, Textron and UAVPro. The move follows Daimler and Torc Robotics recently launching their autonomous trucks on Virginia roads. Read more here.
Virginia Beach-based tennis tech startup PlayYourCourt raised $2 million in an equity round, according to SEC filings. The company's platform allows tennis players to book lessons with coaches and find practice partners at local public courts.
Charlottesville social club Common House, which is building a new location in downtown Richmond, is looking to raise $3.5 million in funding, according to SEC filings. The funding effort comes as it constructs a four-story social club and coworking space that it says will offer amenities including an event space, coffee shop, bar and rooftop terrace. Read more here.
Other Deals
Mexican packaging solutions provider Cartograf announced plans to invest $65.3 million to open a printing facility in Chesterfield. The folding and micro-corrugated package facility will take shape in the Meadowville Technology Park, eventually creating 63 new jobs, according to the company. It will be Cartograf’s first folding and package-printing facility in the U.S., where it’s looking to meet an increasing demand for its products in the U.S. and Canadian markets. Read more here.
Dominion Energy and Smithfield Foods announced plans to double their $250 million investment in a joint venture converting methane to natural gas. The project, planned over 10-plus years, will create the nation's largest supplier of renewable natural gas. With the additional funding, Align Renewable Natural Gas is expected to power 70,000 homes and businesses in Virginia, North Carolina, Utah, Arizona and California by 2029. Read more here.
Dublin-based tech firm CameraMatics, which makes equipment to track vehicle fleets, plans to open its North American HQ in Richmond and hire up to 100 employees in five years. The startup expects to invest about $25 million in its U.S. operations, starting with an office at coworking space Venture X as it searches for a larger HQ facility. CameraMatics provides onboard cameras, driver safety apps and monitoring systems to help companies manage fleet operations. Read more here.
