CIT GAP Funds 2020 Impact Report Showcases $32.4 Million in Capital Deployed to Date

Investments have supported the creation of nearly 6,500 jobs throughout the Commonwealth

Herndon, Virginia, UNITED STATES

Richmond, VA, Jan. 13, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today released the 2020 CIT GAP Funds Impact Report, detailing both return on investment and socio-economic impact achieved since the fund’s inception in 2005. A family of funds placing equity investments in Virginia’s high-growth based technology, life science, and cleantech companies at the earliest developmental stages, CIT GAP Funds has deployed $32.4 million in capital across 240 portfolio companies.

CIT GAP Funds investment leadership has attracted national recognition and helped position the fund for return of all capital deployed, demonstrating why it has been named Virginia’s Most Active Investor for the last six years by CB Insights. CIT GAP Funds has yielded four times its capital invested across Tech Fund I and II “Roadmap” investments in cybersecurity, data analytics, enterprise software and deep tech sectors.

The latest Impact Report highlights several figures that capture the overall impact CIT GAP Funds has had on the Commonwealth, showing growth in all areas since the 2019 report was released.

Significant 2020 impact includes:

  • Adding to its total of over 1,000 investors mobilized and leveraging new private capital for an inception-to-date total of $1.1 billion
  • Forming a new generation of core investment funds GAP Tech IV, GAP Life Science IV, and GAP CleanTech/Energy IV
  • Enabling portfolio company creation of nearly 500 new jobs, bringing the GAP Funds’ overall impact to 6,500 jobs throughout the Commonwealth
  • Expanding sector diversity by adding Aerospace and Defense to its investment portfolio in 2020, joining a wide range of industries covered by GAP Funds: Insurance; Critical Infrastructure; Education; Fintech; Food and Agriculture; IT and Communications; Manufacturing; Satcom; Smart Cities; Sustainable Communities; Unmanned Systems; Water and more
  • Launching new outreach events and resources for startups
    • Coffee with CIT Gap Funds sessions reached 460 attendees
    • Virginia Demo Day featured 80 participating angel and venture investors
    • Entrepreneur and investor support exceeded 2,100 mentoring hours
  • Increasing support to traditionally underrepresented entrepreneurs; presently, the active portfolio includes
    • 79 companies have minority founders and executives
    • 64 companies have female founders and executives
    • 35 companies have veteran founders and executives
    • 72 companies are located in underserved geographies, including 17 companies in opportunity zones

"During an economically and emotionally challenging year for Virginia's startup ecosystem, we believe that the outcomes detailed in our 2020 CIT GAP Funds Impact Report reflect the Commonwealth's entrepreneurial vitality, economic and social diversity, and community spirit,” said Tom Weithman, Managing Director of CIT GAP Funds. “The CIT GAP Funds investment team is committed to providing balanced support for Virginia's high-growth early stage companies, including financial investment, access to our ever expanding network and trusted advisory services to portfolio companies. We are grateful for the Commonwealth's long-standing commitment to seeding great companies and look forward to the continued impact of our portfolio companies on the Virginia economy.”

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About CIT GAP Funds

CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, cleantech, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, CIT GAP Funds has deployed $32.4 million in capital across more than 240 portfolio companies, including 17 companies in designated Opportunity Zones. CIT GAP Funds’ investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit

About the Center for Innovative Technology (CIT)

Investing in Virginia's Growth | CIT concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies, create high paying jobs, and accelerate economic growth throughout the entire state of Virginia. Founded in 1985, CIT accelerates next generation technologies and technology companies through commercialization, capital formation, market development initiatives, and expansion of broadband throughout Virginia. Programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Commonwealth Commercialization Fund (CCF) | Virginia Founders Fund | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | Virginia Research Investment Fund (VRIF) | University Partnerships | Startup Company Mentoring & Engagement. For more information please visit You can also follow CIT on Twitter, LinkedIn, and Facebook.


CIT Growth Acceleration Program (GAP Funds)
Since 2005, CIT GAP Funds has invested in Virginia’s leading technology start-ups generating significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia.
CIT GAP Funds is a family of seed and early stage venture funds investing in Virginia-based technology, life science, and
cleantech companies, with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Serving a vital connecting function, CIT GAP Funds partners with accelerators, seed-funds, and angel groups across Virginia’s entrepreneurial ecosystems to source and invest in companies. Serving as Virginia’s venture capital “on-ramp,” CIT GAP Funds helps portfolio companies access downstream investment from a broad range of capital providers within the region and across the nation.

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