CIT Engages Venture Partner to Expand Outreach for CIT GAP Funds and Virginia Founders Fund

February 4, 2020 10:46 AM

Herndon, VA, Feb. 04, 2020 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced the appointment of Greg Feldmann, President of Skyline Capital Strategies, an affiliate of Woods Rogers, PLC, as CIT GAP Funds Venture Partner. CIT GAP Funds and affiliated Virginia Founder’s Fund (VFF) are committed to identifying viable start-up investment opportunities in all parts of the Commonwealth. As a Venture Partner, Feldmann will provide outreach services to cultivate new and existing sources of deal flow and early-stage investment capital in the Roanoke-Blacksburg corridor, Southside Virginia, Lynchburg and Far Southwest Virginia.“CIT recognizes the wealth of technology and strong entrepreneurial spirit of the Roanoke-Blacksburg corridor and adjacent geographies,” said Tom Weithman, Managing Director of CIT GAP Funds. “A critical part of harnessing those assets to create economic development benefit for the Commonwealth turns on mobilizing capital to drive development of emerging companies. Greg is a strategic thinker with the ability to translate plans into action. As a CIT GAP Funds Venture Partner, Greg will be a key factor in mobilizing capital from CIT and third-party sources within the region.” In this role, Feldmann will be responsible for building and maintaining relationships with key deal flow sources in targeted geographies such as the Valleys Innovation Councils (VIC), Roanoke-Blacksburg Technology Council and RAMP Accelerator, Virginia Tech, the Launch Place, and technology groups and other entrepreneurial support organizations in Southside, Lynchburg and Far Southwest Virginia. Additionally, Feldmann will support the CIT GAP Funds and VFF investment team in preliminary screenings and investment decisions, encourage regional company participation in other CIT program offerings including Federal Funding Assistance Program and CRCF, and will refer companies for investment consideration by other regional funding sources. Feldmann will also support efforts of the recently formed Common Wealth Angels, an investor network with interest in early stage technology companies.“Improving access to capital for area founders and entrepreneurs has been a lifelong passion of mine,” added Feldmann. “Initiating the Venture Partner program in our region demonstrates CIT’s commitment to stimulating technology start-ups throughout the state and recognizes the high potential of a growing innovation economy in our region. It will be a privilege to work with CIT and regional founders in this effort.” Feldmann brings more than 30 years of experience serving in roles related to company growth mentoring, financial services, venture capital, strategic advisory, commercial and investment banking, and executive/board leadership positions in both public and private companies. During his career, Feldmann has served as President and CEO of three community banks including StellarOne Bank, First National Bank of Christiansburg, and Salem Bank & Trust. He is currently a board member of Carter Bank and Trust and The Launch Place.“We are excited to have CIT further expand their impact in the Roanoke-Blacksburg region,” said Kevin Bloomfield, one of the lead stakeholders of the Common Wealth Angels initiative. “Greg is the perfect leader to fill this role. His deep experience in helping companies raise money will be invaluable to our efforts of further building out the capital ecosystem in our region.”According to the 2019 CIT GAP Funds Impact Report, CIT GAP Funds has yielded four times their capital invested across Tech Fund “Roadmap” investments in cybersecurity, data analytics, enterprise software and deep tech sectors since its inception in 2005. To learn more, please visit www.citgapfunds.org.About CIT GAP FundsCIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds’ investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel has convened leading regional entrepreneurs, angel and strategic investors, and national venture capital firms in the interests of Virginia’s entrepreneurs. Membership has included 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 www.citgapfunds.org.About the Center for Innovative Technology (CIT)Investing for Commonwealth 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. Our programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Virginia Founders Fund | Broadband/Rural Broadband | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | University Partnerships | Startup Company Mentoring & Engagement. CIT’s CAGE Code is 1UP71. Contact: 2214 Rock Hill Road #600, Herndon, VA 20170 | 703.689.3000 | www.cit.orgYou can also follow CIT on Twitter, LinkedIn and Facebook.

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CIT GAP Funds
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CIT GAP Funds 2019 Impact Report Showcases $28.8 Million in Capital Deployed to Date | Investments have supported the creation of over 6,000 jobs throughout the Commonwealth

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Taylor Hadley
LaunchTech Communications
978-877-2113
Taylor@goLaunchTech.com

Sara Poole
Center for Innovative Technologies
sara.poole@cit.org

Source: Center for Innovative Technology

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