The Investment Anchors $50
Million VVC Veterans Fund II
TYSONS, Va., May 22, 2024
/PRNewswire/ -- Veteran Ventures Capital (VVC) has secured a
significant $10 million institutional
investment from the Virginia Innovation Partnership Corporation
(VIPC). This investment fuels VVC's Veterans Fund II, anchoring a
first closing towards the Fund's $50
million target. Veteran Ventures, an early-stage venture
capital firm, invests its capital alongside its partners'
contributions of expertise, network, and energy in support of
veteran-led businesses developing innovative dual-use national
security technologies. Virginia's
investment into Veteran Ventures Capital is specifically targeted
at improving access to capital for veteran-led companies within the
Commonwealth of Virginia.
Virginia offers a terrific
ecosystem for technology and entrepreneurship. With access to
top-tier veteran talent, proximity to government agencies, a strong
network of tech-transfer initiatives and other strategic
partnerships, and a dynamic business environment, Virginia provides a powerful ecosystem to
support veteran entrepreneurs building national security-aligned
technology companies. Governor Youngkin has often said he
wants Virginia to be the best
state for military families, veterans, and retirees to live, work
and raise a family. Veteran Ventures Capital also aspires to add to
that list the best state for veterans to found and build a
business. Veterans account for over 10% of the adult
population in the state, making Virginia one of the highest concentrations of
veterans in the U.S. Further, according to U.S. Small Business
Administration data, there are nearly 75,000 veteran owned small
business in Virginia.
"We are thrilled to announce Virginia's investment in our second fund,
marking a significant leap forward in our mission to empower
veteran entrepreneurs and accelerate technological innovation and
national security capabilities," stated Derren Burrell, Founder and Managing Partner of
Veteran Ventures Capital. "This achievement provides further
evidence of the confidence and support our investors place in
Veteran Ventures' vision, the exceptional potential of veteran
business leaders, and the firm's investment track record in our
first fund."
"VIPC is excited to partner with Veteran Ventures Capital to
catalyze and leverage significant private investment into
Virginia's veteran-led startups
and entrepreneurs. We welcome VVC's new HQ move into Virginia and look forward to VVC's engagement
with veteran communities throughout the commonwealth," said
Joe Benevento, President and CEO of
VIPC. The investment is part of a $175
million ten-year program administered by VIPC with funds
provided by the U.S. Treasury State Small Business Credit
Initiative.
As the largest defense budget in history unfolds and global
tensions escalate, institutional investors are showing
unprecedented interest in aerospace and defense technology funds.
The principals at Veteran Ventures Capital lead at the forefront of
this dynamic technology and investment landscape. What
distinguishes the team is their collective experience earned over
decades operating start-ups and large companies in or around the
national security landscape. The firm is uniquely positioned to
navigate the complexities of this evolving sector. Notably, their
Fund I portfolio companies have secured over $130 million in non-dilutive government funding
to date, magnifying the impact of their deployed investor capital
and helping to further fund their early-stage companies.
Building upon the momentum of their recently announced
relocation to the firm's new headquarters in Tysons, Virginia, Veteran Ventures Capital is well
positioned for further expansion and investment. This move
solidifies their commitment to actively contribute to defense
industry modernization and to fund veteran leaders and
entrepreneurs in the heart of the national security technology
sector.
Since its inception in 2019, Veteran Ventures Capital has
demonstrated a commitment to empowering veteran leaders and
entrepreneurs nationwide. The firm's dual-use national security
technology focus leads them to invest in the most promising space,
autonomy and robotics, advanced materials science, cyber security,
quantum tech, artificial intelligence, and machine-learning
technology companies in the nation. The team continues to leverage
its extensive national security industry experience to shape the
leading veteran-led technology companies of the future.
As Veteran Ventures Capital raises its second fund finalizing
its first close this month, they remain dedicated to delivering
exceptional value to investors while championing the transformative
potential of veteran leadership in innovative national security
technology companies.
About Veteran Ventures Capital:
Veteran Ventures Capital is a veteran-owned growth-equity
investment firm empowering veteran entrepreneurs and leaders
working at the nexus of national security and commercial
technology. Their team invests exclusively in companies that have
military veteran leadership; recognizing their military experience,
training, and unwavering character translates into exceptional
business acumen and superior risk-adjusted returns for
investors.
Founded in 2019, Veteran Ventures Capital is now headquartered
in Tysons, Virginia, and remains
committed to empowering veteran entrepreneurs nationwide and
leveraging the team's extraordinary national security industry
experience to shape the leading veteran-led commercial tech
companies of the future. Veteran Ventures Capital is now actively
raising its second fund with a target of $50
million.
For media inquiries, please contact:
Craig Jaques
Principal, Veteran Ventures Capital
Email: craig@veteranventures.us
Phone: (808) 639-5300
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SOURCE Veteran Ventures Capital