Veteran Ventures Capital secures investment from Virginia Innovation Partnership
Veteran Ventures Capital (VVC), a pioneering early-stage venture capital firm, has secured a substantial $10 million investment from the Virginia Innovation Partnership Corporation (VIPC). This investment marks a significant milestone, serving as the anchor for the first closing of VVC’s Veterans Fund II, which targets a total of $50 million.
Strengthening Support for Veteran-Led Businesses
The capital infusion from VIPC is set to boost Veteran Ventures Capital’s efforts in supporting veteran-led businesses that develop innovative dual-use national security technologies. Based in Virginia, a state known for its robust technology ecosystem and high concentration of veterans, VVC leverages local advantages including proximity to government agencies and a wealth of veteran talent to empower veteran entrepreneurs.
Governor Youngkin of Virginia has expressed his ambition to make the state a premier destination for military families and veteran entrepreneurs, aligning with VVC’s mission to foster a conducive environment for business growth. The state is home to over 75,000 veteran-owned small businesses, according to data from the U.S. Small Business Administration, underscoring the significant role veterans play in Virginia’s business landscape.
Comments from Leadership
“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,” said Derren Burrell, Founder and Managing Partner of Veteran Ventures Capital.
Joe Benevento, President and CEO of VIPC, echoed this sentiment, highlighting the partnership’s potential to catalyze significant private investment into Virginia’s veteran-led startups. “We welcome VVC’s new HQ move into Virginia and look forward to VVC’s engagement with veteran communities throughout the commonwealth,” Benevento added. The investment is part of a broader $175 million, ten-year initiative by VIPC aimed at stimulating small business growth with funds provided by the U.S. Treasury State Small Business Credit Initiative.
Veteran Ventures Capital’s Expanding Influence
Since its inception in 2019, Veteran Ventures Capital has committed to empowering veteran leaders and entrepreneurs across the nation. The firm’s strategic focus on dual-use national security technologies has led to significant investments in sectors such as space, autonomy and robotics, advanced materials science, cybersecurity, quantum technology, artificial intelligence, and machine learning.
As Veteran Ventures Capital establishes its new headquarters in Tysons, Virginia, and progresses with the finalization of Veterans Fund II, the firm is poised for further growth and continued support of groundbreaking technologies that enhance national security. This strategic relocation and expansion underscore the firm’s commitment to contributing to the defense industry’s modernization and supporting veteran entrepreneurs at the forefront of technological innovation.