Veteran Ventures Capital secures $10 million commitment from the Virginia Innovation Partnership Corporation
The investment jumpstarts the firm's second fund that is targeted at a $50 million capital raise.
Veteran Ventures Capital (VVC), the firm founded in Knoxville that has now relocated its headquarters to Tysons, VA, has secured a $10 million institutional investment from the Virginia Innovation Partnership Corporation (VIPC).
According to the news release announcing the investment, it will fuel VVC’s Veterans Fund II, anchoring a first closing towards the Fund’s $50 million target. Veteran Ventures, an early stage venture capital firm, invests its capital alongside its partners’ contributions of expertise, network, and energy in support of veteran-led businesses developing innovative dual-use national security technologies.
Virginia’s investment into Veteran Ventures Capital is specifically targeted at improving access to capital for veteran-led companies within the Commonwealth of Virginia.
“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,” stated Derren Burrell, Founder and Managing Partner of Veteran Ventures Capital. “This achievement provides further evidence of the confidence and support our investors place in Veteran Ventures’ vision, the exceptional potential of veteran business leaders, and the firm’s investment track record in our first fund.”
Founded in 2019, Veteran Ventures Capital has demonstrated a commitment to empowering veteran leaders and entrepreneurs nationwide. The firm’s dual-use national security technology focus leads them to invest in the most promising space, autonomy and robotics, advanced materials science, cyber security, quantum tech, artificial intelligence, and machine-learning technology companies in the nation. The team continues to leverage its extensive national security industry experience to shape the leading veteran-led technology companies of the future.
“VIPC is excited to partner with Veteran Ventures Capital to catalyze and leverage significant private investment into Virginia’s veteran-led startups and entrepreneurs. We welcome VVC’s new HQ move into Virginia and look forward to VVC’s engagement with veteran communities throughout the commonwealth,” said Joe Benevento, President and Chief Executive Officer of VIPC.
The funding comes through a new $100 million initiative led by VIPC that expands investment and growth opportunities for Virginia-based, innovation-driven start-ups and entrepreneurial ecosystems throughout the Commonwealth. Leveraging previous Virginia-awarded federal funding from the U.S. Department of Treasury under its State Small Business Credit Initiative (SSBCI), the 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 more than 100 high-growth Virginia start-ups during the next three to five years via private sector fund match and co-investment.
In December 2022, Governor Youngkin’s office announced that Virginia had been approved for up to $230 million from the SSBCI program, with about $173 million of that going to VIPC.
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