From the Desk of Tracey Greene, CBIC Executive Director
Virginia’s Rising Venture Capital Ranking and Local Innovation Highlights
Virginia and Charlottesville are on the rise!
The Commonwealth has achieved its highest-ever ranking in venture capital activity, securing the No. 8 spot nationally in 2023, according to the recently released PitchBook-National Venture Capital Association Venture Monitor. This marks Virginia’s first return to the top 10 in over 15 years, driven by an impressive $2.48 billion in venture capital investment. Virginia’s innovation ecosystem is flourishing, outpacing neighboring states like Pennsylvania, Maryland, and North Carolina, and standing alongside major players like California, New York, and Massachusetts.
This ranking highlights how Virginia’s high-growth companies present attractive opportunities for venture capitalists nationwide to invest and drive value creation.
Virginia’s growing reputation is further evidenced by Albemarle County-based Afton Scientific’s announcement of its $200 million expansion at a press event we attended this week. The announcement was made by CEO and Founder Tom Thorpe with remarks from Governor Glenn Youngkin and Secretary of Commerce and Trade Caren Merrick. This major investment will drive job creation, further solidifying Virginia’s leadership in the high-growth biotech industry and positioning our region to continue attracting capital investment.
A Month of Milestones: Local Innovation Events Galore
This thrilling momentum for Virginia’s tech and startup ecosystem is matched by exciting local events that showcase our community’s commitment to fostering innovation and entrepreneurship. Here are some of the key events we attended just this week:
Show Her The Money Film Screening
On September 30, led by Ascending Angels, a group of volunteers from two local angel groups, CAV Angels and Charlottesville Angel Network, CBIC co-hosted the screening of Show Her The Money, a powerful documentary that highlights the challenges and triumphs of women entrepreneurs securing funding. The film and subsequent panel of women founders sparked crucial conversations about diversity in venture capital and the importance of equitable access to funding. With an impressive attendance, despite the deluge, the excitement was palpable.
The Foundry Ribbon-Cutting Ceremony
On October 2, UVA celebrated the grand opening of The Foundry, the new hub for student entrepreneurs located at 9 Elliewood Avenue. Whether starting a business, developing a big idea, or seeking collaboration with other innovators, The Foundry is the go-to space for students eager to make an impact. A tip of the hat to UVA Engineering alum Mike Lenox, whose leadership in the creation of UVA Innovates—a platform to catalyze innovation and entrepreneurship at UVA—helped make this vision a reality. Congratulations as well to the highly approachable and serial founder Brian Breslin, as the inaugural pan-University Director of Student Entrepreneurship, whose leadership will ensure The Foundry serves as a catalyst for innovation among UVA students.
UVA Founder and Startup Career Fair
On October 1, led by 2024 CBIC Student Entrepreneur of the Year, Navya Aenugu, seven exceptional volunteers represented our organization as well as the Charlottesville Angel Network (CAN) at a combined exhibitor table alongside peer Entrepreneur Support Organizations (ESOs). It was inspiring to see students and local entrepreneurs coming together, highlighting the strength of our region’s startup scene.
Upcoming Events: Get Involved and Stay Inspired!
There’s no shortage of opportunities to connect, learn, and engage with our community’s growing tech and entrepreneurial ecosystem. We encourage you to join us at one or more of the following featured events:
October 9 – Invest Local: Empowering Small Business Growth*
Hosted by Zikki Munyao, this hands-on event connects aspiring investors with local small businesses. Whether you’re an experienced investor or a HENRY (High Earner Not Rich Yet), come learn how to build wealth while supporting local businesses. The event will cover options like crowdfunding and angel investing, with a panel of local investors and founders offering real-world insights. No cost to attend.
October 28 – Angel Investments: Showcase and Successes*
Specifically geared toward but not exclusive to SEC-defined accredited investors, this uniquely co-hosted event with Codebase Coworking, Charlottesville Angel Network and CAV Angels, will feature:
- Networking with active angel investors
- Dinner with 5-minute lightning pitch updates from local angel investor portfolio companies
- Inspiring Stories from founders and funders sharing success stories from major liquidity events, followed by a Q&A session
To inquire about participating, please email the event organizer (aka, me).
Select startups will be presenting limited information about their financing rounds; therefore, the hosts intend SEC regulations will be followed.
* Supported in part by a Diversify-Connect-Fund grant provided by the U.S. Economic Development Administration to Venture Central
Monthly Recurring Events: Your Chance to Shine
Seriously, mark your calendars for these recurring opportunities to connect and engage with the local innovation community:
CBIC Tech On Tap: Held every 2nd Tuesday of the month, this is a great way to unwind and network with innovation, startup, and tech enthusiasts over beverages.
Charlottesville Entrepreneurs and Espresso (AKA “CE2”): Join us on the 3rd Tuesday of each month for a morning of insightful discussions with startup and seasoned entrepreneurs over coffee.
Inspire the Future: Host a Tech Tour and Ignite Young Minds on Nov 22!
The CBIC Tech Tour is back and bigger than ever! This year, we’re excited to expand with two opening locations—North Fork and Piedmont Virginia Community College (PVCC) —to accommodate nearly 500 local middle and high school students already registered.
We need more startups, businesses, and organizations with innovative ideas to sign up and host student tours on Friday, November 22, 2024. Can we count on you to engage and inspire these students, helping them envision their future in tech? Sign up to Host Tours Today! Can’t host but want to support? Please email me to make a donation of any amount!
Virginia’s recent venture capital success and the exciting innovations happening right here in our community speak volumes about the incredible talent and passion we have in this region. It’s a reminder of how much we can achieve when we come together to support high-growth founders, entrepreneurs, and tech businesses. Our local ecosystem is vibrant and full of potential, and with each event, conversation, and collaboration, we’re shaping the future of innovation in Charlottesville and beyond. We are excited to continue this journey with all of you and can’t wait to see the amazing things we’ll accomplish together.
See you at the next event!
Tracey Greene (she / her / hers)
Executive Director, Charlottesville Business Innovation Council (CBIC)
Co-founder and Executive Director, Charlottesville Angel Network (CAN)