STARTVIRGINIA: HEARD AROUND VIRGINIA

Startups and entrepreneurship news for September 2022

Published August 29, 2022 by Virginia Business

Booz Allen Hamilton Inc. has formed a $100 million corporate venture capital arm, the McLean-based Fortune 500 global management consultancy announced in mid-July. Named Booz Allen Ventures LLC, the arm will invest in early-stage companies and technologies across four categories: defense, artificial intelligence/machine learning, cybersecurity and deep technology. Booz Allen Ventures will help the company expand its tech scouting program, sourcing and recommending tech investments focused on mission-specific applications. (VirginiaBusiness.com)

Reston-based Frolick, which delivers chef-prepared meals for under $15, has raised $1.8 million for a D.C.-area expansion, with plans to expand to additional cities in the future. Frolick was launched in December 2021 by Jipy Mohanty, a former executive at Delivery Hero, one of the largest food delivery services in Europe. Mohanty said that he was frustrated by the lack of choices, high costs and lack of nutrition with many delivery meals — and that his research confirmed that many felt the same. Delivery Hero, Philadelphia-based home delivery company Gopuff and airline catering company GateGroup are among Frolick’s new investors. (WTOP News)

This year, 258 Virginia companies made the Inc. 5000 list of the nation’s 5,000 fastest-growing privately held companies, released Aug. 16 by Inc. magazine. Coming in at No. 20 overall, Summit Human Capital was the top-ranked Virginia company on the list. Founded in 2018, the Richmond-based information technology staffing firm serves commercial and government clients, specializing in the IT, health care, legal and logistics industries. Two other Virginia companies cracked the Inc. 5000’s top 100 this year: RP Professional Services, an Ashburn-based federal contractor; and Integrated Management Services LLC, an Alexandria-based, woman-owned management consulting firm and federal contractor. Virginia companies on this year’s list had a median growth rate of 192% over the past three years and brought in $19.6 billion in total revenue. (VirginiaBusiness.com)

Lighthouse Labs, a Richmond-based, equity-free, early-stage startup incubator, announced that six businesses were chosen for its fall cohort, which started Aug. 22 and runs through Nov. 11. The fall cohort companies include Fairfax Station-based solar and wind energy forecaster CRCL Solutions LLC; Richmond-based B2B semiconductor marketplace Mobius Materials Inc.; Florida-based DiaM Life, a diabetes care platform; Harrisonburg-based Gigzilla, a social network for essential industries; New York-based singles social network Fourplay Social; and Boston-based TMA Precision Health, a research platform for rare diseases. Companies chosen to participate in the program, which sponsors spring and fall cohorts annually, receive $20,000 apiece in equity-free seed funding and participate in mentoring and programming. (News release)

On Aug. 15, Richmond-based tech company Naborforce, which connects older adults to a network of helpers for on-demand support and social engagement, announced the closing of a $9 million Series A financing round led by Translink Capital, a global venture capital firm headquartered in Silicon Valley, as well as investors Claritas Capital, The Artemis Fund and Techstars. Naborforce said it will use the financing to expand upon the tech platform, its team, and to open 18 markets over the next 18 to 24 months. (Richmond Times-Dispatch)

Pennsylvania-based Deerfield Agency announced in late July that it acquired Arlington-based Verge Scientific Communications, a brand strategy and strategic communications agency serving health and science-driven companies. Founded in 2016, Verge Scientific employs 40 people and was named PRWeek’s 2021 Outstanding Boutique Agency. It was a finalist this year for both top Small Agency and Boutique Agency by PRWeek and PRovoke Media, which also recognized Verge Scientific as a top 10 PRovoke Global Agency Fast Mover. (News release)

Have startup-related news to share? Email Virginia Business Editor Richard Foster at [email protected]

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