The Center for Innovative Technology (CIT) today released the 2019 CIT GAP Funds Impact Report, detailing both return on investment and socio-economic impact made since the fund’s inception in 2005. A family of funds placing equity investments in Virginia’s high-growth based technology, life science, and cleantech companies at the earliest developmental stages, CIT GAP Funds has deployed $28.8 million in capital across 223 investments. CIT GAP Funds investment leadership has attracted national recognition and continues to demonstrate why CIT has been named Virginia’s Most Active Investor for the last five years by CB Insights.
CIT GAP Funds has yielded four times their capital invested across Tech Fund “Roadmap” investments in cybersecurity, data analytics, enterprise software and deep tech sectors and helped position the fund for return of all capital deployed. The report highlights several other figures that capture the overall impact CIT GAP Funds has on the Commonwealth, including:
- Mobilizing over 1,000 investors with a private capital leverage of $1 billion
- Forming the MACH37 cyber Accelerator and Seed Fund, the Virginia Founders Fund, two generations of GAP Cleantech and Energy Funds and three generations of GAP Tech and Life Science funds
- Establishing a new VA Angel Group and enabling multiple additional angel groups
- Supporting the creation of more than 6,000 jobs throughout the Commonwealth
- Investing in a diverse range of sectors and industries
- Critical Infrastructure; Education; Fintech; Food and Agriculture; IT and Communications; Manufacturing; Satcom; Smart Cities; Sustainable Communities; Unmanned Systems; Water and more
- Supporting traditionally underrepresented entrepreneurs
- 67 companies have minority founders and executives
- 57 companies have female founders and executives
- 32 companies have veteran founders and executives
- 61 companies are located in underserved geographies
“CIT is proud to share details from our 2019 CIT GAP Funds Impact Report. We believe the outcomes are a fitting tribute to Virginia’s entrepreneurial vitality, community spirit and economic and social diversity,” said Tom Weithman, Managing Director of CIT GAP Funds. “We extend our profound thanks to the Commonwealth of Virginia for its 15-year commitment to seeding great companies and to our many partners, both inside and outside of Virginia’s entrepreneurial ecosystem, for helping us help grow our portfolio.”
Source: CIT GAP Funds 2019 Impact Report Showcases $28.8 Million in Capital Deployed to Date
