Greater Washington has a rich startup community, but the region’s entrepreneurs aren’t as young as they may seem, per a new study.
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Greater Washington has a rich startup community, but it trends a bit older than that of other smaller markets.
Ultimately, the D.C. region sits in the middle of the pack nationwide, at No. 24 out of 50 U.S. metro areas for average age of its resident entrepreneurs. The local average age, at 40.3, aligns with the national average, at 40.2 years old, per new findings from LendingTree Inc. (NASDAQ: TREE), which collected the ages of people requesting small business loans.
The local ecosystem’s ranking makes sense, given the report's top rankers. The country’s youngest startup founders and small business owners set up shop in Greenville, South Carolina (average age 36.4); New Orleans (37.4); and Charleston, South Carolina (37.9). Columbus, Ohio (38.6), and Indianapolis (38.9) round out the top five metro areas with the youngest entrepreneurs, according to the study.
Those southern areas have lower costs of living than the famously pricey San Francisco, Los Angeles and Boston, which all rank in the bottom 10 for this list, with its average entrepreneur age at more than 41 years old. New York, another pricey spot where entrepreneurs are 39.5 years old on average, ranks No. 13 on the list.
Other factors are also at play, including the age of the general population. The population of North Port, Florida, counts about one-third of its residents as age 60 and older. That helps explain why that region ranks as sporting the oldest average age among entrepreneurs, at 45.8, according to LendingTree, a financial online marketplace based in Charlotte, North Carolina.
The range between the oldest and youngest average ages is about nine years. Those who start and run their own businesses at older ages are often in better positions to succeed, professionally and financially (think: more savings and better credit built up over more time).
Though, the D.C. region is hardly bereft of young, up-and-coming entrepreneurs, as we’ll reveal Friday in our annual 25 Under 25 list, so keep an eye out for that.
It comes as the D.C.-area startup environment falls just shy of the top 10 global startup ecosystems, according to a recent report from San Francisco’s Startup Genome. The local landscape grabbed the No. 11 slot in the annual ranking, garnering points for its high concentration of tech workers, as well as for being the most educated city in the U.S., per U.S. Census Bureau data. Here are the top 10:
- Silicon Valley
- New York City
- London
- Beijing
- Boston
- Los Angeles
- Tel Aviv, Israel
- Shanghai
- Tokyo
- Seattle
The D.C. region is “actually an undersung startup hub,” according to Startup Genome. It counts more than 1,000 tech startups alone and $2.1 billion in total early-stage funding, well ahead of the $548 million global average for individual markets.
And investors are backing these businesses, big time. A handful of homegrown startups have raised rounds of more than $100 million just this year, including D.C. clean energy startup Arcadia, District ed-tech startup Class Technologies Inc., Arlington risk management startup Interos Inc., Gaithersburg biopharma Sirnaomics Inc. and D.C. student loan startup MPower Financing.
There’s more where that came from. For more of a sampling of Greater Washington's innovation economy, check out this year’s Inno on Fire, featuring 50 growing startups, founders and investors below.
The Fire Awards of 2021
1 of 50
Category: Lifestyle
Puzzle Huddle
The D.C. family-owned jigsaw puzzle business is expanding its line of products, from puzzles to pillows and T-shirts, depicting diverse, career-driven characters. This year, the company moved to a dedicated facility after operating in the home of husband-and-wife founders and Howard University grads Matthew and Marnel Goins for more than three years. Entirely self-funded, Puzzle Huddle saw sales grow last year amid increasing support for Black-owned business. Then it nailed an even higher honor, and national profile, in November: It was included among Oprah’s Favorite Things.
Puzzle Huddle
The D.C. family-owned jigsaw puzzle business is expanding its line of products, from puzzles to pillows and T-shirts, depicting diverse, career-driven characters. This year, the company moved to a dedicated facility after operating in the home of husband-and-wife founders and Howard University grads Matthew and Marnel Goins for more than three years. Entirely self-funded, Puzzle Huddle saw sales grow last year amid increasing support for Black-owned business. Then it nailed an even higher honor, and national profile, in November: It was included among Oprah’s Favorite Things.
Puzzle Huddle
Category: Lifestyle
Holistic Industries Inc.
The 5-year-old cannabis company secured $55 million in an oversubscribed offering in May, helping it penetrate new markets and explore larger acquisitions, CEO Josh Genderson told us in late April. Holistic, a multistate cannabis operator with products, dispensaries, and growing and processing facilities, is on track to double in size this year. That includes its headcount (its 500-person staff will double within the next several months); revenue (from more than $100 million in 2020 to more than $200 million this year); and footprint (its dispensary brand, Liberty Cannabis, will add 13 locations this year to its existing 15). Holistic, also a Fire winner of 2020, has now raised more than $155 million in funding since receiving one of Maryland’s first medical marijuana cultivation and processing licenses in 2016.
Holistic Industries Inc.
The 5-year-old cannabis company secured $55 million in an oversubscribed offering in May, helping it penetrate new markets and explore larger acquisitions, CEO Josh Genderson told us in late April. Holistic, a multistate cannabis operator with products, dispensaries, and growing and processing facilities, is on track to double in size this year. That includes its headcount (its 500-person staff will double within the next several months); revenue (from more than $100 million in 2020 to more than $200 million this year); and footprint (its dispensary brand, Liberty Cannabis, will add 13 locations this year to its existing 15). Holistic, also a Fire winner of 2020, has now raised more than $155 million in funding since receiving one of Maryland’s first medical marijuana cultivation and processing licenses in 2016.
Joanne S. Lawton
Category: Lifestyle
Everything Legendary
By the time it turned 2, Hyattsville’s Everything Legendary had landed a funding deal with billionaire investor Mark Cuban on the Feb. 26 episode of ABC’s “Shark Tank” — and the plant-based food business is capitalizing on the moment. Led by CEO Duane “Myko” Cheers, at left, the company now has deals to sell its vegan burgers in Target stores across the country, as well as Safeway, Giant, Acme, Stop & Shop and others. The goal: $10 million in revenue this year. Cheers started the company with Danita Claytor, center, and Jumoke Jackson, right, as a D.C. community center pop-up in June 2019 to offer healthy, tasty food choices to Cheers’ mother, with lupus, and Claytor’s mother, with cancer. They teamed up with Jackson, a chef, to create their burger, made of pea protein and other vegan ingredients and seasonings. They started testing the product with a takeout restaurant pop-up on H Street NE and evolved it to a frozen product they sold online.
Everything Legendary
By the time it turned 2, Hyattsville’s Everything Legendary had landed a funding deal with billionaire investor Mark Cuban on the Feb. 26 episode of ABC’s “Shark Tank” — and the plant-based food business is capitalizing on the moment. Led by CEO Duane “Myko” Cheers, at left, the company now has deals to sell its vegan burgers in Target stores across the country, as well as Safeway, Giant, Acme, Stop & Shop and others. The goal: $10 million in revenue this year. Cheers started the company with Danita Claytor, center, and Jumoke Jackson, right, as a D.C. community center pop-up in June 2019 to offer healthy, tasty food choices to Cheers’ mother, with lupus, and Claytor’s mother, with cancer. They teamed up with Jackson, a chef, to create their burger, made of pea protein and other vegan ingredients and seasonings. They started testing the product with a takeout restaurant pop-up on H Street NE and evolved it to a frozen product they sold online.
Christopher Willard
Category: Lifestyle
RemodelMate
The College Park startup offering a marketplace for bathroom remodeling projects is rapidly expanding to 30 other cities. After doubling the business in 2020, Remodelmate founder and CEO Chad Hall wants to hit a $10 million run rate and raise a $5.5 million Series A round in 2022, which would bring the seven-person company’s lifetime funding to $6 million. The startup is now hiring for software engineering, operations and sales roles, hoping for a headcount of 30 by the end of 2021. Remodelmate also landed a partnership with an HGTV personality couple, Hall said, declining to disclose the name at this point. But for the show, the team will be looking for the ugliest bathrooms to renovate in D.C., as well as Philadelphia, Chicago, Detroit and Charlotte, North Carolina.
This is the category's blazer
RemodelMate
The College Park startup offering a marketplace for bathroom remodeling projects is rapidly expanding to 30 other cities. After doubling the business in 2020, Remodelmate founder and CEO Chad Hall wants to hit a $10 million run rate and raise a $5.5 million Series A round in 2022, which would bring the seven-person company’s lifetime funding to $6 million. The startup is now hiring for software engineering, operations and sales roles, hoping for a headcount of 30 by the end of 2021. Remodelmate also landed a partnership with an HGTV personality couple, Hall said, declining to disclose the name at this point. But for the show, the team will be looking for the ugliest bathrooms to renovate in D.C., as well as Philadelphia, Chicago, Detroit and Charlotte, North Carolina.
This is the category's blazer
RemodelMate
Category: Consumer tech
Truebill
Last June was a watershed moment for the Silver Spring personal finance startup when it raised $45 million from blue-chip investor and existing backer Bessemer Venture Partners and others to establish itself as a one-stop shop that helps users improve their financial health and to expand its financial management tools. The company already provides subscription management, spending advice, bill negotiation, budgeting and pay advance tools, claiming those products have saved users more than $100 million since 2016 — and its own revenue has tripled in the last two years. The company crossed the 100-employee mark at the end of May and continues to hire up while it worked to double its customer base to 2 million users in the first half of the year. Brothers and serial entrepreneurs Haroon, Idris and Yahya Mokhtarzada started Truebill in 2015 after founding Webs.com and selling it in 2011 to Vistaprint for $117.5 million.
Truebill
Last June was a watershed moment for the Silver Spring personal finance startup when it raised $45 million from blue-chip investor and existing backer Bessemer Venture Partners and others to establish itself as a one-stop shop that helps users improve their financial health and to expand its financial management tools. The company already provides subscription management, spending advice, bill negotiation, budgeting and pay advance tools, claiming those products have saved users more than $100 million since 2016 — and its own revenue has tripled in the last two years. The company crossed the 100-employee mark at the end of May and continues to hire up while it worked to double its customer base to 2 million users in the first half of the year. Brothers and serial entrepreneurs Haroon, Idris and Yahya Mokhtarzada started Truebill in 2015 after founding Webs.com and selling it in 2011 to Vistaprint for $117.5 million.
Truebill
Category: Consumer tech
Poppy
With a digital platform that connects brides and event planners with florists, D.C.-based Poppy has, well, sprouted quickly after launching in summer 2019. The company secured $1.65 million in seed funding earlier this year, bringing its total to date to $2.2 million. It’s now raising a $3 million to $5 million Series A round, while working to address the surge in demand for wedding flowers post-pandemic, said Poppy founder and CEO Cameron Hardesty, former head of products for UrbanStems Inc. Poppy’s wedding floral sales grew exponentially from December 2020 to June, with 65% month-over-month growth in the second quarter.
Poppy
With a digital platform that connects brides and event planners with florists, D.C.-based Poppy has, well, sprouted quickly after launching in summer 2019. The company secured $1.65 million in seed funding earlier this year, bringing its total to date to $2.2 million. It’s now raising a $3 million to $5 million Series A round, while working to address the surge in demand for wedding flowers post-pandemic, said Poppy founder and CEO Cameron Hardesty, former head of products for UrbanStems Inc. Poppy’s wedding floral sales grew exponentially from December 2020 to June, with 65% month-over-month growth in the second quarter.
Stephanie Dougher
Category: Consumer tech
Territory Foods
The Arlington meal delivery service raised $22 million in April, bringing its total funding since its 2011 founding to $44 million. The company caters to a wide variety of diets, from paleo and Whole30 to keto and vegan, giving customers the option to order meals in bulk a couple times a week. It also has a network of chefs and business partners that prepare and package the food — a network, Territory said, that is 42% women-owned and 38% Black-, Indigenous-, people of color- or Latino-led. Ellis McCue, the startup’s CEO, took over in April 2020, in the heat of the coronavirus pandemic. But that didn’t slow it down. In September, the business broke into the Austin, Texas, market. It also reworked its logistic systems through the crisis to keep itself afloat, a bet that paid off, the Washington Business Journal had reported per a source familiar with the business.
Territory Foods
The Arlington meal delivery service raised $22 million in April, bringing its total funding since its 2011 founding to $44 million. The company caters to a wide variety of diets, from paleo and Whole30 to keto and vegan, giving customers the option to order meals in bulk a couple times a week. It also has a network of chefs and business partners that prepare and package the food — a network, Territory said, that is 42% women-owned and 38% Black-, Indigenous-, people of color- or Latino-led. Ellis McCue, the startup’s CEO, took over in April 2020, in the heat of the coronavirus pandemic. But that didn’t slow it down. In September, the business broke into the Austin, Texas, market. It also reworked its logistic systems through the crisis to keep itself afloat, a bet that paid off, the Washington Business Journal had reported per a source familiar with the business.
Territory Foods
Category: Consumer tech
MotoRefi
The Arlington startup raised about $45 million in May in a round led by a Goldman Sachs arm, marking its largest round in four years and signaling strong momentum in what it’s described as a $1.2 trillion auto refinancing market. MotoRefi, whose platform aims to make refinancing car loans easier for consumers, had secured $10 million just four months prior to that round, bringing its fundraising total to $60 million since it was incubated in 2017 by local fintech venture firm QED Investors. The two-time Fire winner, led by CEO Kevin Bennett, is moving its headquarters from Arlington to D.C. to accommodate its growing workforce.
This is the category's blazer
MotoRefi
The Arlington startup raised about $45 million in May in a round led by a Goldman Sachs arm, marking its largest round in four years and signaling strong momentum in what it’s described as a $1.2 trillion auto refinancing market. MotoRefi, whose platform aims to make refinancing car loans easier for consumers, had secured $10 million just four months prior to that round, bringing its fundraising total to $60 million since it was incubated in 2017 by local fintech venture firm QED Investors. The two-time Fire winner, led by CEO Kevin Bennett, is moving its headquarters from Arlington to D.C. to accommodate its growing workforce.
This is the category's blazer
Leigh Ann Saperstone
Category: B2B
Employee Navigator
The Bethesda human resources software company raised $34 million in January to fund more hiring and product development. The company, which licensed its benefits and HR products in 2012, now serves more than 2,000 insurance brokers, 50,000 employers and more than 10 million employees across the country. The business has been led by President and CEO George Reese since 2009, when he changed the then-8-year-old company’s name from iPower.
Employee Navigator
The Bethesda human resources software company raised $34 million in January to fund more hiring and product development. The company, which licensed its benefits and HR products in 2012, now serves more than 2,000 insurance brokers, 50,000 employers and more than 10 million employees across the country. The business has been led by President and CEO George Reese since 2009, when he changed the then-8-year-old company’s name from iPower.
Courtesy Employee Navigator
Category: B2B
Omnispace
The Tysons satellite communications company raised $60 million in February, bringing its total lifetime funding to more than $108 million. The startup, founded in 2012, aims to bring seamless 5G connectivity to companies across the world. Omnispace is now working on pilot projects it plans to expand and replicate with mobile internet providers, eyeing a potential $75 billion revenue opportunity in the 5G market. CEO and President Ram Viswanathan, above, has led the business since 2016, after co-founding Indian satellite services firm Devas Multimedia. Omnispace expects to remain in high-growth mode as demand continues to soar in the years ahead.
Omnispace
The Tysons satellite communications company raised $60 million in February, bringing its total lifetime funding to more than $108 million. The startup, founded in 2012, aims to bring seamless 5G connectivity to companies across the world. Omnispace is now working on pilot projects it plans to expand and replicate with mobile internet providers, eyeing a potential $75 billion revenue opportunity in the 5G market. CEO and President Ram Viswanathan, above, has led the business since 2016, after co-founding Indian satellite services firm Devas Multimedia. Omnispace expects to remain in high-growth mode as demand continues to soar in the years ahead.
Leandra Brown
Category: B2B
Full Measure Education
As education went remote during the pandemic, more universities leaned on the 7-year-old D.C. ed-tech startup. It capped its growth with a $10 million raise in June to further its tech, which uses augmented reality, social media, mobile messaging and other tailored content to communicate with students and offers such features as college admissions notifications or self-guided campus tours. With the fresh capital, Full Measure plans to grow both its 40-person headcount and 13,000-square-foot space. The business saw pivotal growth in the past year, as its software-as-a-service platform was licensed by more than 450 colleges and universities during the pandemic alone. The company comes from CEO Greg Davies, part of the founding management team at Blackboard Inc. in 1997, before he started Reston’s Presidium Inc. in 2003 — and sold that company to Blackboard in 2011 for $53 million.
Full Measure Education
As education went remote during the pandemic, more universities leaned on the 7-year-old D.C. ed-tech startup. It capped its growth with a $10 million raise in June to further its tech, which uses augmented reality, social media, mobile messaging and other tailored content to communicate with students and offers such features as college admissions notifications or self-guided campus tours. With the fresh capital, Full Measure plans to grow both its 40-person headcount and 13,000-square-foot space. The business saw pivotal growth in the past year, as its software-as-a-service platform was licensed by more than 450 colleges and universities during the pandemic alone. The company comes from CEO Greg Davies, part of the founding management team at Blackboard Inc. in 1997, before he started Reston’s Presidium Inc. in 2003 — and sold that company to Blackboard in 2011 for $53 million.
Courtesy Full Measure Education
Category: B2B
10Pearls LLC
In April, the Vienna digital development company acquired New York marketing and social media agency Likeable LLC, giving the local player a team of digital experts and the bandwidth to offer a wider array of services. That deal followed its 2020 acquisitions of user experience research and consulting firm Two Dots Design Studio, digital consultancy Zen Cloud Technologies and assurance service company TCT Computing Group. The company, led by CEO and co-founder Imran Aftab, helps customers build digital products, while offering software development, quality assurance and security services. Its customers have included MedStar Health, AARP, National Geographic, Bright MLS and Time Warner Cable. Aftab started the firm in 2004 with his brother, Zeeshan, and has made the Inc. 5000 list of fastest-growing companies more than once.
10Pearls LLC
In April, the Vienna digital development company acquired New York marketing and social media agency Likeable LLC, giving the local player a team of digital experts and the bandwidth to offer a wider array of services. That deal followed its 2020 acquisitions of user experience research and consulting firm Two Dots Design Studio, digital consultancy Zen Cloud Technologies and assurance service company TCT Computing Group. The company, led by CEO and co-founder Imran Aftab, helps customers build digital products, while offering software development, quality assurance and security services. Its customers have included MedStar Health, AARP, National Geographic, Bright MLS and Time Warner Cable. Aftab started the firm in 2004 with his brother, Zeeshan, and has made the Inc. 5000 list of fastest-growing companies more than once.
10Pearls
Category: B2B
Morning Consult
A fast-growing software firm, Morning Consult raised $60 million in June, which it said yielded it a $1.01 billion valuation — considered “unicorn” status among startups. That came about a year after the company raised $31 million in its first institutional round, and seven years after launching from a D.C. rowhouse. The company is expanding to a new D.C. headquarters this year and is actively hiring as demand for its business grows. Led by co-founder and CEO Michael Ramlet, its software-as-a-service technology offers polling and research platforms for its commercial clients.
This is the category's blazer
Morning Consult
A fast-growing software firm, Morning Consult raised $60 million in June, which it said yielded it a $1.01 billion valuation — considered “unicorn” status among startups. That came about a year after the company raised $31 million in its first institutional round, and seven years after launching from a D.C. rowhouse. The company is expanding to a new D.C. headquarters this year and is actively hiring as demand for its business grows. Led by co-founder and CEO Michael Ramlet, its software-as-a-service technology offers polling and research platforms for its commercial clients.
This is the category's blazer
Courtesy Morning Consult
Category: Med-tech
AlgometRx
Spun out of Children’s National Hospital, AlgometRx is developing a medical device that measures pain, recently nabbing a slot in Johnson & Johnson Innovation’s JLabs incubator at the pediatric hospital’s new research and innovation campus in D.C. Its product is a biometric device — think: blood pressure cuff or EKG — that quantifies a pain response and gives doctors data to better personalize care. The company is working to generate data for its planned application to the Food and Drug Administration for 2022, even as it develops its platform. AlgometRx has raised $2.5 million in seed capital and another $600,000 in grant funding. And it has a roughly $5 million Series A underway to support the development and initial manufacturing of its product, as well as clinical trials and additional hiring, said Dr. Julia Finkel, its founder, a pediatric anesthesiologist at Children’s National and an acute pain specialist at the health system’s Sheikh Zayed Institute for Pediatric Surgical Innovation.
AlgometRx
Spun out of Children’s National Hospital, AlgometRx is developing a medical device that measures pain, recently nabbing a slot in Johnson & Johnson Innovation’s JLabs incubator at the pediatric hospital’s new research and innovation campus in D.C. Its product is a biometric device — think: blood pressure cuff or EKG — that quantifies a pain response and gives doctors data to better personalize care. The company is working to generate data for its planned application to the Food and Drug Administration for 2022, even as it develops its platform. AlgometRx has raised $2.5 million in seed capital and another $600,000 in grant funding. And it has a roughly $5 million Series A underway to support the development and initial manufacturing of its product, as well as clinical trials and additional hiring, said Dr. Julia Finkel, its founder, a pediatric anesthesiologist at Children’s National and an acute pain specialist at the health system’s Sheikh Zayed Institute for Pediatric Surgical Innovation.
Courtesy Children's National Hospital
Category: Med-tech
JuneBrain Inc.
The Rockville medical device startup received a $1 million award from the National Science Foundation, which it plans to use to grow its team, complete the development of its telehealth eye-scanning system and kick off clinical testing required for an FDA submission next year, said founder and CEO Samantha Scott. The company’s wearable imaging device is built to detect and monitor neurological and eye diseases, including for retinal disease and multiple sclerosis. JuneBrain overcame a tough year in 2020, when the transition to remote work challenged its culture and many prospective investments were put on hold, Scott said. But the business scored funding from the Maryland Technology Development Corp.’s Builder Fund, dollars that helped keep its product and business development cranking, Scott said. The startup is now raising a $500,000 seed round, which would come on top of $160,000 raised to date and supplement the NSF award. In 2021, the startup also landed a slot in AlphaLab Health’s inaugural cohort, which came with a $100,000 investment. The Rockville medical device startup received a $1 million award from the National Science Foundation, which it plans to use to grow its team, complete the development of its telehealth eye-scanning system and kick off clinical testing required for an FDA submission next year, said founder and CEO Samantha Scott. The company’s wearable imaging device is built to detect and monitor neurological and eye diseases, including for retinal disease and multiple sclerosis. JuneBrain overcame a tough year in 2020, when the transition to remote work challenged its culture and many prospective investments were put on hold, Scott said. But the business scored funding from the Maryland Technology Development Corp.’s Builder Fund, dollars that helped keep its product and business development cranking, Scott said. The startup is now raising a $500,000 seed round, which would come on top of $160,000 raised to date and supplement the NSF award. In 2021, the startup also landed a slot in AlphaLab Health’s inaugural cohort, which came with a $100,000 investment.
JuneBrain Inc.
The Rockville medical device startup received a $1 million award from the National Science Foundation, which it plans to use to grow its team, complete the development of its telehealth eye-scanning system and kick off clinical testing required for an FDA submission next year, said founder and CEO Samantha Scott. The company’s wearable imaging device is built to detect and monitor neurological and eye diseases, including for retinal disease and multiple sclerosis. JuneBrain overcame a tough year in 2020, when the transition to remote work challenged its culture and many prospective investments were put on hold, Scott said. But the business scored funding from the Maryland Technology Development Corp.’s Builder Fund, dollars that helped keep its product and business development cranking, Scott said. The startup is now raising a $500,000 seed round, which would come on top of $160,000 raised to date and supplement the NSF award. In 2021, the startup also landed a slot in AlphaLab Health’s inaugural cohort, which came with a $100,000 investment. The Rockville medical device startup received a $1 million award from the National Science Foundation, which it plans to use to grow its team, complete the development of its telehealth eye-scanning system and kick off clinical testing required for an FDA submission next year, said founder and CEO Samantha Scott. The company’s wearable imaging device is built to detect and monitor neurological and eye diseases, including for retinal disease and multiple sclerosis. JuneBrain overcame a tough year in 2020, when the transition to remote work challenged its culture and many prospective investments were put on hold, Scott said. But the business scored funding from the Maryland Technology Development Corp.’s Builder Fund, dollars that helped keep its product and business development cranking, Scott said. The startup is now raising a $500,000 seed round, which would come on top of $160,000 raised to date and supplement the NSF award. In 2021, the startup also landed a slot in AlphaLab Health’s inaugural cohort, which came with a $100,000 investment.
Courtesy Samantha Scott
Category: Med-tech
iCE Neurosystems
A coveted FDA clearance came through in May for the D.C. company, giving it the green light to start selling its brain-monitoring device for critically ill patients — from those in intensive care following stroke or trauma, to those suffering heart failure or sepsis, to those undergoing complex vascular or cardiac procedures. The company is now rolling out its technology to several hospitals in the D.C. area before expanding to other markets. The device itself aims to give health care providers an accurate, real-time snapshot of the brain — and do it faster and better than the EEG, a hospital’s current method of measuring brain waves. The 10-person iCE Neurosystems, at double its headcount in the last year, is actively hiring again after closing a $2.95 million seed round in mid-April. The company has been led by Dr. Allen Waziri, its co-founder and CEO, since its 2017 launch.
iCE Neurosystems
A coveted FDA clearance came through in May for the D.C. company, giving it the green light to start selling its brain-monitoring device for critically ill patients — from those in intensive care following stroke or trauma, to those suffering heart failure or sepsis, to those undergoing complex vascular or cardiac procedures. The company is now rolling out its technology to several hospitals in the D.C. area before expanding to other markets. The device itself aims to give health care providers an accurate, real-time snapshot of the brain — and do it faster and better than the EEG, a hospital’s current method of measuring brain waves. The 10-person iCE Neurosystems, at double its headcount in the last year, is actively hiring again after closing a $2.95 million seed round in mid-April. The company has been led by Dr. Allen Waziri, its co-founder and CEO, since its 2017 launch.
Peter Krogh
Category: Med-tech
OpenBeds Inc.
The D.C.-born entity, owned by Louisville, Kentucky-based Appriss Health since 2018, is growing with industry demand for its technology and services, which help connect hospitals with substance abuse and behavioral health treatment. Dr. Nishi Rawat created OpenBeds with her father in 2015 while working as a critical care physician in the Baltimore area, to connect her patients with highly specialized medical care as the opioid epidemic raged around her. Her company collects program and treatment facility availability, enables referrals and connects those services with health care providers, all to get patients the care they need quickly. Demand only surged through the pandemic. Appriss Health, for which Rawat is now chief medical officer, acquired care coordination software leader PatientPing in June. And OpenBeds is now weaving into PatientPing its bed capacity and referral tool to give its clinicians a referral network for mental health and substance use disorder treatment.
OpenBeds Inc.
The D.C.-born entity, owned by Louisville, Kentucky-based Appriss Health since 2018, is growing with industry demand for its technology and services, which help connect hospitals with substance abuse and behavioral health treatment. Dr. Nishi Rawat created OpenBeds with her father in 2015 while working as a critical care physician in the Baltimore area, to connect her patients with highly specialized medical care as the opioid epidemic raged around her. Her company collects program and treatment facility availability, enables referrals and connects those services with health care providers, all to get patients the care they need quickly. Demand only surged through the pandemic. Appriss Health, for which Rawat is now chief medical officer, acquired care coordination software leader PatientPing in June. And OpenBeds is now weaving into PatientPing its bed capacity and referral tool to give its clinicians a referral network for mental health and substance use disorder treatment.
Courtesy OpenBeds
Category: Med-tech
BrainScope
The neurotechnology company, led by CEO Susan Hertzberg, launched a new tool in March to help doctors more easily assess and treat concussions. That was after it scored Food and Drug Administration clearance to build on its existing product: a disposable headset and handheld device that processes the wearer’s brain activity to help evaluate suspected traumatic brain injuries within 72 hours. The Bethesda company is also closing in on a fresh $15 million. BrainScope reports that its device cuts down on the need for CT scans in the emergency department by more than 30%, while avoiding radiation and capturing the severity of the injury. It uses artificial intelligence to produce immediate results — and a faster diagnosis — for physicians.
This is the category's blazer
BrainScope
The neurotechnology company, led by CEO Susan Hertzberg, launched a new tool in March to help doctors more easily assess and treat concussions. That was after it scored Food and Drug Administration clearance to build on its existing product: a disposable headset and handheld device that processes the wearer’s brain activity to help evaluate suspected traumatic brain injuries within 72 hours. The Bethesda company is also closing in on a fresh $15 million. BrainScope reports that its device cuts down on the need for CT scans in the emergency department by more than 30%, while avoiding radiation and capturing the severity of the injury. It uses artificial intelligence to produce immediate results — and a faster diagnosis — for physicians.
This is the category's blazer
Courtesy BrainScope
Category: Health care
Hurdle Health Inc.
The District-based therapy startup, which aims to make mental health care equitable and inclusive, is doubling down on its expansion, with plans to reach underserved populations around the country. It’s already raised a $5 million round in December, on top of a prior, $1 million intake. Hurdle works with insurers from Cigna to CareFirst to Aetna to match people of color with therapists, helping manage and schedule appointments digitally. It’s led by CEO Kevin Dedner, who launched the company as Henry Health in early 2018 after spending more than 15 years in the public health field.
Hurdle Health Inc.
The District-based therapy startup, which aims to make mental health care equitable and inclusive, is doubling down on its expansion, with plans to reach underserved populations around the country. It’s already raised a $5 million round in December, on top of a prior, $1 million intake. Hurdle works with insurers from Cigna to CareFirst to Aetna to match people of color with therapists, helping manage and schedule appointments digitally. It’s led by CEO Kevin Dedner, who launched the company as Henry Health in early 2018 after spending more than 15 years in the public health field.
Courtesy of Kevin Dedner
Category: Health care
Veriheal
The pandemic created more demand for medical care, and D.C. health-tech startup Veriheal worked to answer the call with its platform connecting patients seeking medical marijuana with doctors. Co-founders Joshua Green, right, and Samuel Adetunji started the business in 2017 and have since helped register 175,000 patients across the U.S. to its platform. With 60 employees, Veriheal — now profitable and entirely bootstrapped — is also looking to partner with firms or groups that could support its further growth.
Veriheal
The pandemic created more demand for medical care, and D.C. health-tech startup Veriheal worked to answer the call with its platform connecting patients seeking medical marijuana with doctors. Co-founders Joshua Green, right, and Samuel Adetunji started the business in 2017 and have since helped register 175,000 patients across the U.S. to its platform. With 60 employees, Veriheal — now profitable and entirely bootstrapped — is also looking to partner with firms or groups that could support its further growth.
Courtesy Veriheal
Category: Health care
DrFirst
The Rockville health-tech company, which offers electronic prescribing services, telemedicine and price transparency around procedures and prescription drugs, raked in another $50 million in May, on top of $85 million it took in last year through the coronavirus crisis as demand for its services surged. That combined funding — from San Francisco private equity behemoth Sixth Street Capital and New York’s Goldman Sachs Growth — is helping DrFirst expand its software products. CEO and Chairman James Chen has also said it will target acquisitions to gain ground in such niches as medication adherence, care collaboration and telehealth going forward. It comes after the startup, founded in 2000, jumped into the telemedicine space as Covid-19 catalyzed demand for the players providing remote care.
DrFirst
The Rockville health-tech company, which offers electronic prescribing services, telemedicine and price transparency around procedures and prescription drugs, raked in another $50 million in May, on top of $85 million it took in last year through the coronavirus crisis as demand for its services surged. That combined funding — from San Francisco private equity behemoth Sixth Street Capital and New York’s Goldman Sachs Growth — is helping DrFirst expand its software products. CEO and Chairman James Chen has also said it will target acquisitions to gain ground in such niches as medication adherence, care collaboration and telehealth going forward. It comes after the startup, founded in 2000, jumped into the telemedicine space as Covid-19 catalyzed demand for the players providing remote care.
Chelsea Hudson Photography
Category: Health care
Somatus Inc.
The fast-growing kidney care provider and now-two-time “blazer” gave us all deja vu when it raised $60.12 million in June, just a year after it closed a $64 million round. The 5-year-old McLean company has raised a whopping $165 million in lifetime funding. And it’s continuing to expand a new comprehensive care model for patients with chronic kidney disease and end-stage renal disease. Somatus now counts 600 employees and operations in 34 states, serving more than 150,000 patients nationwide — up from tens of thousands a year ago. Somatus, which partners with health systems, nephrology and primary care groups, and insurers, built a mobile app for patients to monitor their health and hopes to gain a foothold in the fast-growing dialysis market while helping prevent hospital visits and readmissions. Somatus, which took the ultimate title of the DC Inno Tech Madness competition in April, was founded in 2016 by Dr. Ikenna Okezie, its CEO and a former DaVita HealthCare Partners executive.
This is the category's blazer
Somatus Inc.
The fast-growing kidney care provider and now-two-time “blazer” gave us all deja vu when it raised $60.12 million in June, just a year after it closed a $64 million round. The 5-year-old McLean company has raised a whopping $165 million in lifetime funding. And it’s continuing to expand a new comprehensive care model for patients with chronic kidney disease and end-stage renal disease. Somatus now counts 600 employees and operations in 34 states, serving more than 150,000 patients nationwide — up from tens of thousands a year ago. Somatus, which partners with health systems, nephrology and primary care groups, and insurers, built a mobile app for patients to monitor their health and hopes to gain a foothold in the fast-growing dialysis market while helping prevent hospital visits and readmissions. Somatus, which took the ultimate title of the DC Inno Tech Madness competition in April, was founded in 2016 by Dr. Ikenna Okezie, its CEO and a former DaVita HealthCare Partners executive.
This is the category's blazer
Denny Henry
Category: Biotech and life sciences
Ceres Nanosciences Inc.
The Manassas diagnostic company is expanding its footprint with a new manufacturing facility that more than doubles its capacity, bringing an additional 12,000 square feet to Innovation Park in Prince William County, where it also maintains its headquarters. The company, a 12-year-old George Mason University spinout by co-founder and CEO Ross Dunlap, is riding a wave of pandemic-fueled momentum, using its Nanotrap particle technology to lend existing Covid-19 tests more accuracy and a quicker turnaround. The 24-person company plans to create 50 jobs in the next three years — positions supported by county and state incentives. Ceres had received $6.57 million in September as part of the National Institutes of Health’s Rapid Acceleration of Diagnostics program, an initiative to speed up innovation around Covid-19 testing.
Ceres Nanosciences Inc.
The Manassas diagnostic company is expanding its footprint with a new manufacturing facility that more than doubles its capacity, bringing an additional 12,000 square feet to Innovation Park in Prince William County, where it also maintains its headquarters. The company, a 12-year-old George Mason University spinout by co-founder and CEO Ross Dunlap, is riding a wave of pandemic-fueled momentum, using its Nanotrap particle technology to lend existing Covid-19 tests more accuracy and a quicker turnaround. The 24-person company plans to create 50 jobs in the next three years — positions supported by county and state incentives. Ceres had received $6.57 million in September as part of the National Institutes of Health’s Rapid Acceleration of Diagnostics program, an initiative to speed up innovation around Covid-19 testing.
Courtesy Ross Dunlap
Category: Biotech and life sciences
Arcellx Inc.
A gargantuan $115 million round was in store for the Gaithersburg biopharma in April to further its pipeline of cell therapies for cancer and autoimmune diseases, including one in early-stage trials that’s now slated to start a pivotal study next year. Not new to the Fire winners circle, Arcellx moves forward under new leadership; Rami Elghandour assumed the top spot at Arcellx in January, joining an executive team of industry veterans. Arcellx focuses on CAR T-cell therapy, or immunotherapy that uses a special type of cell from the body’s immune system.
Arcellx Inc.
A gargantuan $115 million round was in store for the Gaithersburg biopharma in April to further its pipeline of cell therapies for cancer and autoimmune diseases, including one in early-stage trials that’s now slated to start a pivotal study next year. Not new to the Fire winners circle, Arcellx moves forward under new leadership; Rami Elghandour assumed the top spot at Arcellx in January, joining an executive team of industry veterans. Arcellx focuses on CAR T-cell therapy, or immunotherapy that uses a special type of cell from the body’s immune system.
Arcellx
Category: Biotech and life sciences
Emmes
he Rockville contract research organization opened 2021 with a new structure and ambitions to expand its footprint, headcount and customer base. At the helm of those plans is Dr. Christine Dingivan, its president and CEO since September. Emmes — which conducts research and clinical trials for customers — has since split its business into two units, one for biopharma and another for the public sector. It’s expanding internationally and on track to add another 200 people to its 1,000-person roster this year. It has two European company acquisitions under its belt with eyes out for other M&A targets.
Emmes
he Rockville contract research organization opened 2021 with a new structure and ambitions to expand its footprint, headcount and customer base. At the helm of those plans is Dr. Christine Dingivan, its president and CEO since September. Emmes — which conducts research and clinical trials for customers — has since split its business into two units, one for biopharma and another for the public sector. It’s expanding internationally and on track to add another 200 people to its 1,000-person roster this year. It has two European company acquisitions under its belt with eyes out for other M&A targets.
© Eman Mohammed
Category: Biotech and life sciences
Novavax
It’s tough to ignore this Gaithersburg biotech’s hot streak, as the 2020 Fire winner continues taking steps to become a global vaccine powerhouse. Yes, it’s 32 years old and, yes, it has zero products to market and is hitting production and regulatory delays. But the company, led by CEO Stan Erck, is in the homestretch of delivering its Covid-19 vaccine to the world, with an expanded headquarters and manufacturing site under development and a ballooning headcount that all make it unrecognizable compared with the days preceding the pandemic. Since entering the coronavirus vaccine race, Novavax went from a six-month cash runway, a major downsizing to 150 people, zero production bandwidth and a delisting threat to, today, more than $1 billion in revenue, nearly 800 employees, manufacturing capacity in 10 countries, a stock price peak of $331 and a $19 billion market cap. And despite its hiccups, its leadership plans for that trend to continue.
Novavax
It’s tough to ignore this Gaithersburg biotech’s hot streak, as the 2020 Fire winner continues taking steps to become a global vaccine powerhouse. Yes, it’s 32 years old and, yes, it has zero products to market and is hitting production and regulatory delays. But the company, led by CEO Stan Erck, is in the homestretch of delivering its Covid-19 vaccine to the world, with an expanded headquarters and manufacturing site under development and a ballooning headcount that all make it unrecognizable compared with the days preceding the pandemic. Since entering the coronavirus vaccine race, Novavax went from a six-month cash runway, a major downsizing to 150 people, zero production bandwidth and a delisting threat to, today, more than $1 billion in revenue, nearly 800 employees, manufacturing capacity in 10 countries, a stock price peak of $331 and a $19 billion market cap. And despite its hiccups, its leadership plans for that trend to continue.
Sara Gilgore / WBJ
Category: Biotech and life sciences
Sirnaomics
With back-to-back megaraises in the past 10 months that raked in $105 million apiece, Gaithersburg’s Sirnaomics is entering its next phase of growth with an eye toward an initial public offering, President and CEO Patrick Lu has told us. The biotech, which develops treatments for cancers, viral infections, metabolic diseases and fibrosis, plans to strengthen its manufacturing capacity to keep up with the demand it hopes to eventually build for its RNA interference technology-based therapies. In all, the biotech has topped $313 million in total funding, earning it a $613 million valuation by the end of 2020, per data firm PitchBook. Sirnaomics, with Chinese subsidiaries in Suzhou and Guangzhou, formed in 2007 before spinning out RNAimmune Inc., and its mRNA technology, in June 2020.
This is the category's blazer
Sirnaomics
With back-to-back megaraises in the past 10 months that raked in $105 million apiece, Gaithersburg’s Sirnaomics is entering its next phase of growth with an eye toward an initial public offering, President and CEO Patrick Lu has told us. The biotech, which develops treatments for cancers, viral infections, metabolic diseases and fibrosis, plans to strengthen its manufacturing capacity to keep up with the demand it hopes to eventually build for its RNA interference technology-based therapies. In all, the biotech has topped $313 million in total funding, earning it a $613 million valuation by the end of 2020, per data firm PitchBook. Sirnaomics, with Chinese subsidiaries in Suzhou and Guangzhou, formed in 2007 before spinning out RNAimmune Inc., and its mRNA technology, in June 2020.
This is the category's blazer
Courtesy Sirnaomics
Category: Cybersecurity, software and IT
ScienceLogic
The software firm, headquartered in Reston, raised $105 million in February to capitalize on a Covid-driven market opportunity in IT operations management. ScienceLogic’s products allow customers to monitor applications and systems across their networks, allowing them to, say, predict and fix outages through automation. ScienceLogic is also pouring its product development resources into some key sectors nowadays — cloud technology, artificial intelligence and machine learning — helping fuel its already fast growth in both the private and public sectors. CEO and founder Dave Link said the business is continuing a sizable hiring spree — it closed 2020 with more than 400 employees and intends to bring on another roughly 150 in the next year. It could also be looking for a larger headquarters.
ScienceLogic
The software firm, headquartered in Reston, raised $105 million in February to capitalize on a Covid-driven market opportunity in IT operations management. ScienceLogic’s products allow customers to monitor applications and systems across their networks, allowing them to, say, predict and fix outages through automation. ScienceLogic is also pouring its product development resources into some key sectors nowadays — cloud technology, artificial intelligence and machine learning — helping fuel its already fast growth in both the private and public sectors. CEO and founder Dave Link said the business is continuing a sizable hiring spree — it closed 2020 with more than 400 employees and intends to bring on another roughly 150 in the next year. It could also be looking for a larger headquarters.
Joanne S. Lawton
Category: Cybersecurity, software and IT
Base Operations
The D.C. security startup closed a $2.2 million seed round in February and launched a new street-level threat-mapping platform for other countries. The company plans to continue hiring after already doubling its headcount this year, further developing its product and scaling its global footprint. Base Operations helps secure foreign business travelers, with an app for employees and a dashboard for their security personnel. CEO Cory Siskind, above, launched the venture — incubated at the Massachusetts Institute of Technology and a member of the Techstars Impact accelerator’s first cohort — in 2018 after years working as a physical security and risk management analyst and consultant in Mexico City.
Base Operations
The D.C. security startup closed a $2.2 million seed round in February and launched a new street-level threat-mapping platform for other countries. The company plans to continue hiring after already doubling its headcount this year, further developing its product and scaling its global footprint. Base Operations helps secure foreign business travelers, with an app for employees and a dashboard for their security personnel. CEO Cory Siskind, above, launched the venture — incubated at the Massachusetts Institute of Technology and a member of the Techstars Impact accelerator’s first cohort — in 2018 after years working as a physical security and risk management analyst and consultant in Mexico City.
Courtesy Base Operations
Category: Cybersecurity, software and IT
Xometry Inc.
Meet one of the region’s newest public companies — 8-year-old Xometry raised $300 million, well more than its initial expected offering amount, in its IPO at the end of June. That, in turn, followed massive revenue jumps to $141 million last year, not to mention a $75 million fundraising round in September and dual acquisitions in the years leading up to the Nasdaq debut. The company had an explosive inaugural day of trading, reaching a stock price high of $97.57 before closing at nearly double its $44 IPO price, though it’s since fallen to the $75 levels in recent days. Serial entrepreneur Randy Altschuler, Xometry’s CEO, above, co-founded the company in 2013 with Laurence Zuriff, creating an artificial intelligence-based platform that matches engineers and product designers with manufacturers.
Xometry Inc.
Meet one of the region’s newest public companies — 8-year-old Xometry raised $300 million, well more than its initial expected offering amount, in its IPO at the end of June. That, in turn, followed massive revenue jumps to $141 million last year, not to mention a $75 million fundraising round in September and dual acquisitions in the years leading up to the Nasdaq debut. The company had an explosive inaugural day of trading, reaching a stock price high of $97.57 before closing at nearly double its $44 IPO price, though it’s since fallen to the $75 levels in recent days. Serial entrepreneur Randy Altschuler, Xometry’s CEO, above, co-founded the company in 2013 with Laurence Zuriff, creating an artificial intelligence-based platform that matches engineers and product designers with manufacturers.
Joanne S. Lawton
Category: Cybersecurity, software and IT
ChurnZero
March brought the D.C. customer retention software firm its largest funding round to date with $25 million, bringing its total to $35 million under its belt since its 2015 founding. Now expect to see more hiring as a result of the cash. ChurnZero opened 2021 with 65 employees, swelling to 80 at the time of the raise, but planning to double for the year to 125 by December. The company, led by co-founder and CEO You Mon Tsang, has a platform that helps reduce customer loss or turnover for other companies by connecting with their current clientele and identifying those that aren’t as engaged. Tsang, an Oracle and Xerox alum, has grown, then sold, several tech companies over the years, including internet startup Milktruck and social media monitoring service Biz360.
ChurnZero
March brought the D.C. customer retention software firm its largest funding round to date with $25 million, bringing its total to $35 million under its belt since its 2015 founding. Now expect to see more hiring as a result of the cash. ChurnZero opened 2021 with 65 employees, swelling to 80 at the time of the raise, but planning to double for the year to 125 by December. The company, led by co-founder and CEO You Mon Tsang, has a platform that helps reduce customer loss or turnover for other companies by connecting with their current clientele and identifying those that aren’t as engaged. Tsang, an Oracle and Xerox alum, has grown, then sold, several tech companies over the years, including internet startup Milktruck and social media monitoring service Biz360.
Joanne S. Lawton
Category: Cybersecurity, software and IT
ThreatQuotient
The Reston security software startup raised $22.5 million in April, with plans to launch new products this year. ThreatQuotient, which arms users with threat data and cybersecurity tools, saw record bookings and revenue growth in 2020 — and said it expects another high-growth year this year. ThreatQuotient provides a catalogue of cyber threat data, aggregates internal company data and scores that data based on a client’s priorities. That information can help automate detection and responses to certain cyber attacks within one department or across a company, it said. The 115-person company, led by CEO John Czupak, plans to grow its headcount 30% by year’s end and has raised $60 million in equity funding to date.
ThreatQuotient
The Reston security software startup raised $22.5 million in April, with plans to launch new products this year. ThreatQuotient, which arms users with threat data and cybersecurity tools, saw record bookings and revenue growth in 2020 — and said it expects another high-growth year this year. ThreatQuotient provides a catalogue of cyber threat data, aggregates internal company data and scores that data based on a client’s priorities. That information can help automate detection and responses to certain cyber attacks within one department or across a company, it said. The 115-person company, led by CEO John Czupak, plans to grow its headcount 30% by year’s end and has raised $60 million in equity funding to date.
LAURENTINA PHOTOGRAPHY
Category: Cybersecurity, software and IT
ID.me
Based in McLean, the company helps customers manage and verify online user identities. It secured a gargantuan $100 million round in March to fund hiring and expand its customer base to more businesses and government agencies. That capital brought the company’s valuation up to $1.5 billion, securing its unicorn status. That followed its plans in late 2020 to hire more than 1,000 employees by the end of this year. ID.me, founded in 2010 as TroopSwap and led by founder and CEO Blake Hall, makes login and identity credentials portable across platforms, and saw demand for its services increase, particularly in unemployment claims, as the Covid-19 pandemic accelerated demand to deter fraud online.
This is the category's blazer
ID.me
Based in McLean, the company helps customers manage and verify online user identities. It secured a gargantuan $100 million round in March to fund hiring and expand its customer base to more businesses and government agencies. That capital brought the company’s valuation up to $1.5 billion, securing its unicorn status. That followed its plans in late 2020 to hire more than 1,000 employees by the end of this year. ID.me, founded in 2010 as TroopSwap and led by founder and CEO Blake Hall, makes login and identity credentials portable across platforms, and saw demand for its services increase, particularly in unemployment claims, as the Covid-19 pandemic accelerated demand to deter fraud online.
This is the category's blazer
Joanne S. Lawton
Category: Inno picks
WorkChew Inc.
The D.C. coworking startup, which turns hospitality centers into communal offices during nonpeak periods, raised $2.5 million in seed funding in March to fund new hires, product development and marketing. Next up is ramping up its customer base and adding locations across the U.S. The company is witnessing a growing demand for remote workforce support — driven by companies across the country surrendering leases and reexamining their footprints, co-founder and CEO Maisha Burt, left, told us earlier this year. She launched WorkChew in late 2018 with COO Allyson McDougal, right, to connect remote employees, entrepreneurs and students with underutilized spaces via an online marketplace.
WorkChew Inc.
The D.C. coworking startup, which turns hospitality centers into communal offices during nonpeak periods, raised $2.5 million in seed funding in March to fund new hires, product development and marketing. Next up is ramping up its customer base and adding locations across the U.S. The company is witnessing a growing demand for remote workforce support — driven by companies across the country surrendering leases and reexamining their footprints, co-founder and CEO Maisha Burt, left, told us earlier this year. She launched WorkChew in late 2018 with COO Allyson McDougal, right, to connect remote employees, entrepreneurs and students with underutilized spaces via an online marketplace.
PRNewsfoto/WorkChew
Category: Inno picks
CaryRx Inc.
The 4-year-old prescription delivery startup started the year with plans to become a full-stack pharmacy, which involves building a new technology platform, partnering with health plans and pharmaceutical companies, hiring up, expanding its services and breaking into new markets. The effort starts in the company’s own backyard by filling a gap for D.C.’s under-resourced communities where, for instance, there’s not a CVS on every corner. The company, which CEO Areo Nazari helped found in 2017, hopes to go national with its same-day prescription fulfillments and, eventually, take market share from industry goliaths like CVS and Walgreens. For now, it’s projecting its 2021 revenue to grow fivefold from last year.
CaryRx Inc.
The 4-year-old prescription delivery startup started the year with plans to become a full-stack pharmacy, which involves building a new technology platform, partnering with health plans and pharmaceutical companies, hiring up, expanding its services and breaking into new markets. The effort starts in the company’s own backyard by filling a gap for D.C.’s under-resourced communities where, for instance, there’s not a CVS on every corner. The company, which CEO Areo Nazari helped found in 2017, hopes to go national with its same-day prescription fulfillments and, eventually, take market share from industry goliaths like CVS and Walgreens. For now, it’s projecting its 2021 revenue to grow fivefold from last year.
Courtesy CaryRx
Category: Inno picks
Minwo Inc.
Founder and CEO Melanie Akwule, above, is now raising new funding to bring to the market an artificial intelligence platform, called Rialto, a digital marketplace that connects Black founders with more funders. Akwule also plans to provide grants and loans as seed capital to other Black-owned businesses. That’s all since starting Minwo — named for its mission to help minorities and women — in 2016. The Woodbridge startup, a Techstars portfolio company, has taken on a big mission: to help close the racial wealth gap by identifying and solving the needs of Black-owned businesses.
Minwo Inc.
Founder and CEO Melanie Akwule, above, is now raising new funding to bring to the market an artificial intelligence platform, called Rialto, a digital marketplace that connects Black founders with more funders. Akwule also plans to provide grants and loans as seed capital to other Black-owned businesses. That’s all since starting Minwo — named for its mission to help minorities and women — in 2016. The Woodbridge startup, a Techstars portfolio company, has taken on a big mission: to help close the racial wealth gap by identifying and solving the needs of Black-owned businesses.
Eman Mohammed
Category: Inno picks
TrueAlgae
This past summer saw the Chantilly clean tech company raise $750,000 to support research and development, hire more sales employees and take its product to market. That built upon $3.5 million in angel funding it had raised previously. The company, founded in 2017 and led by CEO and co-founder Nathaniel Jackson, is gaining traction for its technology: a closed-loop system that grows microalgae to support sustainable food production, improves crop quality and shelf life and cuts down the use of chemical fertilizers. TrueAlgae is now exploring other uses for the algae itself as well, including dietary supplements, food ingredients, animal feed and aquaculture products. And it’s working to license its tech in agriculture markets globally.
TrueAlgae
This past summer saw the Chantilly clean tech company raise $750,000 to support research and development, hire more sales employees and take its product to market. That built upon $3.5 million in angel funding it had raised previously. The company, founded in 2017 and led by CEO and co-founder Nathaniel Jackson, is gaining traction for its technology: a closed-loop system that grows microalgae to support sustainable food production, improves crop quality and shelf life and cuts down the use of chemical fertilizers. TrueAlgae is now exploring other uses for the algae itself as well, including dietary supplements, food ingredients, animal feed and aquaculture products. And it’s working to license its tech in agriculture markets globally.
Courtesy Nathaniel Jackson
Category: Inno picks
MemoryWell Inc.
Senior care has a relatively new advocate in this D.C. startup, bolstered by $2.5 million in seed funding in March. MemoryWell, part of the Techstars Future of Longevity Accelerator in D.C., connects seniors and their families with professional writers to, in turn, better introduce them to their caregivers and, ultimately, improve their care. It took a hit during the pandemic when most of its business at senior living and skilled nursing facilities “evaporated overnight while providers focused on saving lives, quite understandably,” said founder and CEO Jay Newton-Small in March. So the company shifted to other markets such as home care, palliative and hospice care and senior living insurers — areas it’s looking to expand deeper into this year. The new funding is going toward developing its AI system to predict social determinants of health for hospitals and other providers. Newton-Small, a journalist, started the company in 2016 after caring for her father with Alzheimer’s disease.
This is the category's blazer
MemoryWell Inc.
Senior care has a relatively new advocate in this D.C. startup, bolstered by $2.5 million in seed funding in March. MemoryWell, part of the Techstars Future of Longevity Accelerator in D.C., connects seniors and their families with professional writers to, in turn, better introduce them to their caregivers and, ultimately, improve their care. It took a hit during the pandemic when most of its business at senior living and skilled nursing facilities “evaporated overnight while providers focused on saving lives, quite understandably,” said founder and CEO Jay Newton-Small in March. So the company shifted to other markets such as home care, palliative and hospice care and senior living insurers — areas it’s looking to expand deeper into this year. The new funding is going toward developing its AI system to predict social determinants of health for hospitals and other providers. Newton-Small, a journalist, started the company in 2016 after caring for her father with Alzheimer’s disease.
This is the category's blazer
Jay Newton-Small
Category: Community Leaders
Meagan Metzger, Dcode
Meagan Metzger’s Dcode has helped to connect nearly 100 tech companies with federal organizations since launching in 2015. The founder and CEO has helped form accelerator programs across industries such as space, cybersecurity, health IT and artificial intelligence, expanding Dcode’s offerings to include training, tech scouting and more custom accelerators at the request of government customers. Her latest mission: Dcode Capital, the organization’s new investment vehicle, designed to help angel investors and venture capitalists crack the government tech contracting market.
Meagan Metzger, Dcode
Meagan Metzger’s Dcode has helped to connect nearly 100 tech companies with federal organizations since launching in 2015. The founder and CEO has helped form accelerator programs across industries such as space, cybersecurity, health IT and artificial intelligence, expanding Dcode’s offerings to include training, tech scouting and more custom accelerators at the request of government customers. Her latest mission: Dcode Capital, the organization’s new investment vehicle, designed to help angel investors and venture capitalists crack the government tech contracting market.
Joanne S. Lawton
Category: Community Leaders
Patty Simonton, Bethesda Green
The director of Bethesda Green’s Be Green Business program, which includes an innovation lab, works with green businesses to address environmental challenges. The program calculates $26 million in economic impact by its member companies since 2010, having incubated 46 companies. Before joining Bethesda Green in 2018, Patty Simonton was community manager at the Mentor Capital Network and director of support at StartSomeGood. She also has her own entrepreneurship experience as founder and chief engagement officer of D.C. management consulting company Radial Impact LLC.
Patty Simonton, Bethesda Green
The director of Bethesda Green’s Be Green Business program, which includes an innovation lab, works with green businesses to address environmental challenges. The program calculates $26 million in economic impact by its member companies since 2010, having incubated 46 companies. Before joining Bethesda Green in 2018, Patty Simonton was community manager at the Mentor Capital Network and director of support at StartSomeGood. She also has her own entrepreneurship experience as founder and chief engagement officer of D.C. management consulting company Radial Impact LLC.
Kristina Sherk
Category: Community Leaders
Alfred Duncan, Black Men Ventures
The local musician and entrepreneur created Black Men Ventures to foster access to capital for Black male founders, mirroring Shelly Bell’s Black Girl Ventures. The College Park initiative provides a platform and quarterly pitch competitions for young, revenue-generating businesses led by diverse founders who need initial funding and guidance to grow. It calls on audience members to invest in their favorite startups, raising a total $11,000 in its inaugural contest for Black founders. Alfred Duncan, an entrepreneur himself, is now raising funding to grow BMV’s programming and add more pitch competitions for this year.
Alfred Duncan, Black Men Ventures
The local musician and entrepreneur created Black Men Ventures to foster access to capital for Black male founders, mirroring Shelly Bell’s Black Girl Ventures. The College Park initiative provides a platform and quarterly pitch competitions for young, revenue-generating businesses led by diverse founders who need initial funding and guidance to grow. It calls on audience members to invest in their favorite startups, raising a total $11,000 in its inaugural contest for Black founders. Alfred Duncan, an entrepreneur himself, is now raising funding to grow BMV’s programming and add more pitch competitions for this year.
Alvin Bailey / Courtesy Black Men Ventures
Category: Community Leaders
Sally Allain, JLabs at Walter Reed
The head of Johnson & Johnson Innovation’s JLabs incubator at Children’s National Hospital’s campus at Walter Reed took the long-awaited facility live in April. The 32,000-square-foot incubator is now hosting its first resident startups, equipped to host up to 50 across pharmaceutical, medical device, consumer health and health tech sectors. Sally Allain oversees Jlabs’ regional operations, a post she took on after serving as senior director of strategy and operations on J&J’s global external innovation team and as director of alliance, business and portfolio management for subsidiary Janssen Pharmaceuticals.
Sally Allain, JLabs at Walter Reed
The head of Johnson & Johnson Innovation’s JLabs incubator at Children’s National Hospital’s campus at Walter Reed took the long-awaited facility live in April. The 32,000-square-foot incubator is now hosting its first resident startups, equipped to host up to 50 across pharmaceutical, medical device, consumer health and health tech sectors. Sally Allain oversees Jlabs’ regional operations, a post she took on after serving as senior director of strategy and operations on J&J’s global external innovation team and as director of alliance, business and portfolio management for subsidiary Janssen Pharmaceuticals.
Johnson & Johnson Innovation
Category: Community Leaders
Juliana Cardona Mejia, Street Entrepreneurs
The founder and CEO of Street Entrepreneurs runs the D.C. accelerator for underrepresented entrepreneurs, one that served 1,000 small businesses from each of the city’s eight wards in 2020. It connected founders to mentors and coaches, held lectures and workshops on nontraditional funding, and hosted town hall talks to create a response team for small business owners hit hard by Covid-19. Juliana Cardona Mejia works with a team of women and ethnically diverse employees, all of whom help level the playing field for entrepreneurs by also providing things such as child care, transportation and Wi-Fi stipends. And their ultimate plan: to train everyday people to become investors.
Juliana Cardona Mejia, Street Entrepreneurs
The founder and CEO of Street Entrepreneurs runs the D.C. accelerator for underrepresented entrepreneurs, one that served 1,000 small businesses from each of the city’s eight wards in 2020. It connected founders to mentors and coaches, held lectures and workshops on nontraditional funding, and hosted town hall talks to create a response team for small business owners hit hard by Covid-19. Juliana Cardona Mejia works with a team of women and ethnically diverse employees, all of whom help level the playing field for entrepreneurs by also providing things such as child care, transportation and Wi-Fi stipends. And their ultimate plan: to train everyday people to become investors.
Juliana Cardona Mejia
Category: Community Leaders
Dahna Goldstein, Halcyon Angels
Halcyon’s chief investment officer assumed the role in July, after leading earlier-stage investment arm Halcyon Angels in early 2020 and impact investing for the D.C. social entrepreneurship nonprofit. She’s now overseeing all impact investing strategy and initiatives for the Georgetown organization that’s known best for its flagship incubator for entrepreneurs whose business models also address modern-day social ills. Dahna Goldstein is an entrepreneur herself, having co-founded D.C. clothing startup Resistance by Design. She previously worked with the public sector on social impact tech at D.C. think tank New America, and founded and led D.C. nonprofit grant management platform PhilanTech before selling it to Altum Inc. in 2014.
Dahna Goldstein, Halcyon Angels
Halcyon’s chief investment officer assumed the role in July, after leading earlier-stage investment arm Halcyon Angels in early 2020 and impact investing for the D.C. social entrepreneurship nonprofit. She’s now overseeing all impact investing strategy and initiatives for the Georgetown organization that’s known best for its flagship incubator for entrepreneurs whose business models also address modern-day social ills. Dahna Goldstein is an entrepreneur herself, having co-founded D.C. clothing startup Resistance by Design. She previously worked with the public sector on social impact tech at D.C. think tank New America, and founded and led D.C. nonprofit grant management platform PhilanTech before selling it to Altum Inc. in 2014.
Dupont Photographers, courtesy of Dahna Goldstein
Category: Community Leaders
Shelly Bell, Black Girl Ventures
Black Girl Ventures has fast become a national name under the helm of Shelly Bell, who built the modest District nonprofit into a multicity effort to finance, support and promote Black female founders. BGV partners with big brands including Nike and Warby Parker, and hosts pitch competitions with chapters in major markets including Miami, Houston and Philadelphia. In all, it’s funded 130 women of color and hosted 30 pitch programs across 12 cities. And Bell, who’s grown her team to nine employees, has raised $2.6 million herself from the likes of PayPal, Google, Kroger and others.
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Shelly Bell, Black Girl Ventures
Black Girl Ventures has fast become a national name under the helm of Shelly Bell, who built the modest District nonprofit into a multicity effort to finance, support and promote Black female founders. BGV partners with big brands including Nike and Warby Parker, and hosts pitch competitions with chapters in major markets including Miami, Houston and Philadelphia. In all, it’s funded 130 women of color and hosted 30 pitch programs across 12 cities. And Bell, who’s grown her team to nine employees, has raised $2.6 million herself from the likes of PayPal, Google, Kroger and others.
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Eman Mohammed
Category: Venture
Zeal Capital Partners
Former AT&T executive Nasir Qadree founded the D.C. firm, closing on its first fund in July with a total $62.1 million. That came after Zeal set out in August 2020 to raise $50 million with a hard cap of $100 million. The firm plans to use these dollars to back early-stage ventures in fintech and future of work niches overlooked by traditional investors. It’s also hoping to help close the long-standing racial and gender wealth and skills gaps in the traditional VC world. Qadree, himself, represents an anomaly in an industry largely devoid of Black and Latino professionals. With a handful of portfolio firms, Zeal plans to make 25 to 30 investments across the next four years, including in some D.C.-area businesses. Nasir Qadree, the founder and managing partner of Zeal Capital, aims to use his brand of inclusive investing to close the wealth gap.
Zeal Capital Partners
Former AT&T executive Nasir Qadree founded the D.C. firm, closing on its first fund in July with a total $62.1 million. That came after Zeal set out in August 2020 to raise $50 million with a hard cap of $100 million. The firm plans to use these dollars to back early-stage ventures in fintech and future of work niches overlooked by traditional investors. It’s also hoping to help close the long-standing racial and gender wealth and skills gaps in the traditional VC world. Qadree, himself, represents an anomaly in an industry largely devoid of Black and Latino professionals. With a handful of portfolio firms, Zeal plans to make 25 to 30 investments across the next four years, including in some D.C.-area businesses. Nasir Qadree, the founder and managing partner of Zeal Capital, aims to use his brand of inclusive investing to close the wealth gap.
Zeal Capital
Category: Venture
Construct Capital
The D.C. venture firm announced in February a $140 million debut fund focused on manufacturing, transportation and logistics investments. Founded in early 2020, the young firm has already made a handful of investments — in artificial intelligence restaurant management software Chef Robotics, food donor management system Copia, e-commerce intelligence platform Tradeswell and electric vehicle charging software ChargeLab. Construct Capital comes from two female founders: former New Enterprise Associate Partner Dayna Grayson, above, who had been with the VC megafirm since 2012, and Uber’s former head of new mobility and one of its earliest employees, Rachel Holt, who helped build and lead the rideshare company’s U.S. and Canada Rides programs and new mobility businesses. © 2015 | Kristina Sherk Photography | www.Kristinasherk.com
Construct Capital
The D.C. venture firm announced in February a $140 million debut fund focused on manufacturing, transportation and logistics investments. Founded in early 2020, the young firm has already made a handful of investments — in artificial intelligence restaurant management software Chef Robotics, food donor management system Copia, e-commerce intelligence platform Tradeswell and electric vehicle charging software ChargeLab. Construct Capital comes from two female founders: former New Enterprise Associate Partner Dayna Grayson, above, who had been with the VC megafirm since 2012, and Uber’s former head of new mobility and one of its earliest employees, Rachel Holt, who helped build and lead the rideshare company’s U.S. and Canada Rides programs and new mobility businesses. © 2015 | Kristina Sherk Photography | www.Kristinasherk.com
Kristina Sherk
Category: Venture
High Street Equity Partners
The early-stage VC and private equity firm made a splash in D.C. with the launch of a $15 million fund to invest in more women and founders of color. The firm, from angel investors Mitch Brooks, right, and Tristan Wilkerson already had commitments for more than a quarter of the $15 million target before formally launching in April. The general partners put in a combined $400,000 of their own money to get the firm off the ground. They’re looking to back underrepresented founders from underrepresented markets, with an eye toward seed and Series A rounds for smaller or mid-sized companies. And they’re already seeing the demand, expecting to raise larger funds going forward.
High Street Equity Partners
The early-stage VC and private equity firm made a splash in D.C. with the launch of a $15 million fund to invest in more women and founders of color. The firm, from angel investors Mitch Brooks, right, and Tristan Wilkerson already had commitments for more than a quarter of the $15 million target before formally launching in April. The general partners put in a combined $400,000 of their own money to get the firm off the ground. They’re looking to back underrepresented founders from underrepresented markets, with an eye toward seed and Series A rounds for smaller or mid-sized companies. And they’re already seeing the demand, expecting to raise larger funds going forward.
Cairo Carr
Category: Venture
Academy Investor Network
The D.C.-area venture platform for U.S. service academy graduates ushered in 2021 with a $50 million fund to support veteran-led startups in any sector and civilian-led tech companies with government applications. And it’s focusing on traditionally underfunded communities, including people of color and women, as well as veterans. The fund has already secured investments from New York venture capital firm Scout Ventures and USAA, and invested in three companies. It’s aiming to close the fund and invest in three to four more companies by year’s end. AIN is the brainchild of military veteran duo Emily McMahan and Sherman Williams, who teamed up in early 2020 to syndicate capital from alumni of the five publicly funded service academies serving the Army, Navy, Air Force, Coast Guard and Merchant Marines.
Academy Investor Network
The D.C.-area venture platform for U.S. service academy graduates ushered in 2021 with a $50 million fund to support veteran-led startups in any sector and civilian-led tech companies with government applications. And it’s focusing on traditionally underfunded communities, including people of color and women, as well as veterans. The fund has already secured investments from New York venture capital firm Scout Ventures and USAA, and invested in three companies. It’s aiming to close the fund and invest in three to four more companies by year’s end. AIN is the brainchild of military veteran duo Emily McMahan and Sherman Williams, who teamed up in early 2020 to syndicate capital from alumni of the five publicly funded service academies serving the Army, Navy, Air Force, Coast Guard and Merchant Marines.
Chris W. Pestel
Category: Venture
Ardent Venture Partners
The new VC firm, created by local venture capitalists and general partners Phil Bronner, above, and Phil Herget, had aimed to raise $100 million to fill the gap between seed and Series A rounds. It’s also straddling the shift caused by automation technologies such as AI, machine learning and data science. Bronner is no stranger to the investment arena, having made investments with his Summer League Ventures and as a former Novak Biddle Venture Partners general partner. And the same goes for Herget, a founder and managing member of D.C. venture firm Avonlea Capital.
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Ardent Venture Partners
The new VC firm, created by local venture capitalists and general partners Phil Bronner, above, and Phil Herget, had aimed to raise $100 million to fill the gap between seed and Series A rounds. It’s also straddling the shift caused by automation technologies such as AI, machine learning and data science. Bronner is no stranger to the investment arena, having made investments with his Summer League Ventures and as a former Novak Biddle Venture Partners general partner. And the same goes for Herget, a founder and managing member of D.C. venture firm Avonlea Capital.
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Courtesy Phil Bronner
