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VIPC now accepting applications from fund managers who invest in one or more DoD Critical Technology Areas.

The 14 Critical Technology Areas are:

  1. Advanced Computing and Software
  2. Advanced Materials
  3. Biotechnology
  4. Directed Energy
  5. Future Generation Wireless Technology (FutureG)
  6. Human-Machine Interface
  7. Hypersonics
  8. Integrated Network System-of-Systems
  9. Integrated Sensing and Cyber Security  
  10. Microelectronics
  11. Quantum Science
  12. Renewable Energy Generation and Storage
  13. Space Technology
  14. Trusted AI and Autonomy

The DoD’s National Defense Science and Technology Strategy specifies 14 Critical Technology Areas vital to national security. Only funds that focus on one or more of the above areas will be considered for an allocation at this time.

Fund Manager Application

Managed by VIPC Virginia Venture Partners (VVP) and underwritten by the U.S. Treasury Department’s SSBCI Program, the Virginia Invests program invests in venture capital fund managers committed to the Commonwealth of Virginia and aligned with VVP’s seed stage investment thesis.

VIPC invites Applicants (Fund Managers) to submit an application of interest as described below.

IMPORTANT: The SSBCI program places serious requirements upon fund managers, which – in addition to reporting requirements and data tracking throughout the life of your investments – can have repercussions on the structure of your fund and disclosures to your other LPs.  Please review the below information very carefully to ensure you understand and agree to all requirements prior to submitting your application of interest.

Governor Youngkin Announces New VIPC-Led Initiative that Catalyzes and Attracts Investment into Virginia-based, Innovation-driven Startups and Entrepreneurs

Governor Glenn Youngkin announced a new initiative led by Virginia Innovation Partnership Corporation (VIPC) that expands investment and growth opportunities for Virginia-based, innovation-driven startups and entrepreneurial ecosystems throughout the Commonwealth.

Leveraging previous Virginia-awarded federal funding from the U.S. Department of Treasury, under its SSBCI Equity/Venture Capital Program, VIPC’s Virginia Invests launches new investment partnerships with an initial selection of seven diverse first-time and emerging fund managers that is expected to catalyze and attract $250 million of investment into over 100 high-growth Virginia startups during the next 3-5 years via private sector fund match and co-investment.

Read Press Release Here

Application Process

The process for applying to Virginia Invests is outlined below.

Step 1 (Indication of Interest): Below is a link to submit information about your fund and put yourself in the application process.  Please note that an allocation of SSBCI funds requires more effort than is required from other LPs.  Please review information on this page and in the linked materials thoroughly before applying.

The application will be reviewed not only for fund metrics and viability but also for Virginia connections and pipeline and to determine if the fund fits in a “white space” where Virginia has a lack of funding.

A “white space” means filling a need for funding that is not already filled in the Commonwealth.  This means understanding what VIPC invests in through its direct investment program – both currently and historically – as well as understanding what our current fund managers invest in. See: Fund Managers.

It also means understanding the current development goals of the Commonwealth.  You can read more about those here.

If the fund is rejected for now, you will receive an explanation of the reasons for the rejection.

Step 2 (First Interview) If the application is deemed of interest to Virginia Venture Partners, your fund will be contacted within 30 days of application to set up a time for a preliminary interview. During this interview, you will be asked more detailed questions of the fund, the managers, the investment thesis, the status of your fundraising and so on. During this meeting VVP will determine if your fund may move forward into due diligence.  After this interview, you will receive a response within 30 days whether or not your fund has been chosen to proceed and if not, why not.

Step 3 (Preliminary Due Diligence and Certifications):
If your fund is chosen to move into preliminary due diligence, your general managers will be asked to certify that your fund understands and accepts all the limitations of SSBCI, including our standard side letter and the construction of a side car. All fund managers will go through a thorough background check and VVP will review your full data room.  This process could take 60-90 days.

Step 4 (Final Due Diligence including Reference Calls and Formal Presentation): Final diligence takes place at this stage including interviews with the firm, 6-8 reference calls and review of all the fund’s legal documents.  At this stage, the fund will also do a formal presentation to the full Investment Committee.

Step 5 (Legal Documentation): Once the fund is approved, final legal documents will be prepared and drafted.  Very little negotiation is possible at this point as the template side letter has been accepted and side car vehicle formed.

Information Links

A full list of the questions in the Application: Click Here

The SSBCI Agreement to be signed by all Investees may be reviewed here: Click Here

The Ongoing Obligations agreement to be signed by all Investees may be reviewed here: Click Here

The Investment Detail Report may be reviewed here: Click Here

The Supplemental Questionnaire may be reviewed here: Click Here

What is a Socially and Economically Disadvantaged Individuals (SEDI) – Owned Businesses? Click Here

We may be hosting a webinar during the summer of 2024 with an overview of the process. Registration information will be posted here once a date is finalized. A replay of the call will be posted on this page once the webinar is complete.

Please find the full application here: Click Here

IMPORTANT: Please read all instructions before beginning the application.

You will want to familiarize yourself with the reporting and other requirements of SSBCI as seen here.

If interested, links to our prior RFP that provided a lot of background of the program, what we’re looking for, and how we make decisions is included below.

Part 1 – Overview of Program Guidelines: Click Here

Part 2 – Step 2 Guidelines: Click Here

Part 3 – Supplemental Information: Click Here

Questions

For full list of FAQs below.  If you do not see the answer to your question, please submit a question here.

NOTE: If your question is already answered in the below FAQ section, there will not be an additional FAQ posted.