With CIT’s support, we plan to work hand-in-hand with the Commonwealth to ensure that Virginia’s large military and veteran community receives the best possible support from the private sector through innovative technologies.
Herndon, VA (PRWEB) May 09, 2012
The Center for Innovative Technology (CIT) today announced a $100,000 investment in TroopSwap.com, an ecommerce platform built exclusively for members of the military community. TroopSwap is the first website to validate the military affiliation of registered users in order to provide local and national business a verified channel to offer military and veteran discounts in a digital environment. Founded by two Army Rangers, the company’s mission is to efficiently connect great businesses to verified members of the military community in order to facilitate the distribution of military focused deals, discounts and even employment opportunities.
Veterans, service members and their dependents are eligible for TroopSwap membership. Fittingly, a majority of the company’s employees are veterans and military spouses in order to give the company greater insight into the needs of its member base. In addition, 10% of TroopSwap’s profits are donated to Wounded Warrior focused charities, affording participating merchants the opportunity to honor service members who have been injured in the line of duty.
CIT President and CEO Pete Jobse said, “TroopSwap strives to expand their company throughout the Commonwealth of Virginia and U.S., providing deals and creating jobs for military households nationwide. CIT is proud to support such an innovative company that gives back to those who have given so much.”
“TroopSwap has grown to over 45,000 registered users, the majority of whom are located in Virginia,” said Blake Hall, TroopSwap Co-Founder and CEO. “With CIT’s support, we plan to work hand-in-hand with the Commonwealth to ensure that Virginia’s large military and veteran community receives the best possible support from the private sector through innovative technologies.”
Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, “We offer entrepreneurs like Blake Hall access to capital, while leveraging public and private investments with the potential to generate extraordinary economic returns for the Commonwealth of Virginia.”
Since its 2005 launch, CIT GAP Funds has placed over 60 investments across the Commonwealth, deploying $6 million of public funds and attracting almost $79 million in additional private investment, creating a robust public-private ecosystem for entrepreneurs. (For a list of portfolio companies, please visit the GAP Funds website.)