Herndon, VA (PRWEB) May 10, 2012
The Center for Innovative Technology (CIT) announced today a $100,000 investment in TroopSwap.com, an e-commerce platform built exclusively for members of the military community.
TroopSwap is the first website to validate the military affiliation of registered users 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, thus facilitating the distribution of military focused deals, discounts and even employment opportunities.
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.”
Veterans, service members and their dependents are eligible for TroopSwap membership. Fittingly, a majority of the company’s employees are veterans and military spouses, giving 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.
“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.)
About the Center for Innovative Technology, http://www.cit.org
CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers.
About the CIT GAP Funds, http://www.citgapfunds.org
CIT 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 consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, 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.