Minerva Seed Fund - News and Events

News & Events

Press Releases:

Minerva Seed Fund received $3m
Newly-Launched Fund Ready to Open

Fairfax, VA, Aug 25, 2003 - Minerva Seed Fund has received $3 million in funding to support making business investments in Virginia and Metropolitan Washington, D.C. companies. Minerva Seed Fund is now actively seeking capital efficient opportunities where an investment of $50,000 to $500,000 can substantially increase the company's ability to achieve their next critical milestone.

The funding goal of the Minerva Seed Fund is to raise a total of between $5 million to $10 million to deliver on their mission. The founders and their key board members are in active discussions with a number of metro area investors. Minerva Seed Fund believes access to capital is one of the three main elements needed to support emerging growth companies. The other two building blocks include developing an entrepreneurial community and providing access to the necessary skills & knowledge base.

This investment provides an innovative way to assist qualifying companies. Through Minerva Seed Fund, entrepreneurs can obtain the capital that is critical to the growth and development of their business and our community. This capital provides a vital link that will enable high growth companies to reach their next critical milestone, which will lead to business expansion, job creation and a stronger economy.

"We believe in a double bottom line mission of both helping underserved companies and making a strong return for our investors. We now have money in the bank and are ready to start making investments," said Kirsten Sachwitz, Managing Director of the fund.

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Minerva Seed Fund raises $1 million, seals partnership with Virginia Community Development Loan Fund and George Mason University
New fund targets early-stage companies in metro D.C. area

Fairfax, Virginia, June 4, 2003 - The Virginia Community Development Loan Fund (VCDLF) announced the formation of the Minerva Seed Fund, a new venture capital fund that will invest in early-stage companies and government contractors in Virginia and the Washington, D.C. area. The Fund will be located at the Mason Enterprise Center of George Mason University and in Richmond with the VCDLF.

Minerva Seed Fund has secured its lead investor with a commitment of $1 million. The goal of the Minerva Seed Fund is to raise between $5 million to $10 million for investments between $50,000 and $500,000 in companies located in Washington, D.C., northern Virginia and suburban Maryland. The Fund will build on VCDLF's outstanding track record as an SBA Lender and its many partnerships with financial institutions throughout Virginia, including McLean-based Capital One Financial Inc.

Minerva Seed Fund unveiled its plans today at a Virginia Department of Business Assistance conference on business development strategies for small, woman and minority-owned businesses.

"Since VCDLF's inception we have endeavored to create a continuum of financing for businesses that have traditionally lacked access to capital markets. The Minerva Seed Fund provides the much-needed equity tool and expands our capacity to meet the need of many businesses within the Commonwealth," said Tim Hayes, president and founder of Virginia Community Development Loan Fund. VCDLF is a non-profit organization whose current programs include minority contractor assistance program, Small Business Administration (SBA) micro loan program, SBA 7A loan program lender service provider, Federal Department of Transportation short-term lending program and technical assistance training.

"I am passionate about growing early-stage companies and the Minerva Seed Fund will fill the gap that exists in the Virginia and metro D.C. area for early-stage investments," said Kirsten Sachwitz, general partner of the fund.

Under a memorandum of understanding signed with the Mason Enterprise Center, Minerva Seed Fund will have an office at the Center's Fairfax location, work with companies at the center and work to set up companies at the center. The Mason Enterprise Center will refer companies seeking investors to Minerva.

Fairfax-based George Mason University established the Mason Enterprise Center in 1995 to accelerate the growth of companies in the Washington area. The center specializes in business development, entrepreneurship, government contracting, international business, technology ventures and telework. In addition, the center conducts seminars and conferences related to its areas of expertise.

"We are pleased to have the Minerva Seed Fund as a strategic partner and located in the Mason Enterprise Center. This will greatly enhance our ability to help Tier II companies we work with in the Enterprise Center achieve funding to develop to the next level, and to attract addition high-growth companies to the Center," said Roger Stough, director of the Mason Enterprise Center.

"The Fairfax County Economic Development Authority has worked for many years to bring venture capitalists and entrepreneurs together as the technology economy grew here, and the Minerva Seed Fund is a valuable new opportunity for investors and young companies alike," said Gerald L. Gordon, president and CEO of the Fairfax County Economic Development Authority.