CIT GAP Funds Invests in WealthForge

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Startup provides integrated transaction and compliance platform for crowdfunding portals.


Center for Innovative Technology GAP Funds

The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds has closed an investment in WealthForge Holdings, Inc., a Richmond-based company that runs a complete, cost-effective and scalable transactional system connecting to crowdfunding portals, investment banks and investment advisors.

CIT President and CEO Pete Jobse said, “WealthForge serves a growing market. Our CIT GAP Funds investment reflects our confidence in the company, which is positioned for solid growth.”

WealthForge provides infrastructure for crowdfunding portals that lack compliance expertise to conduct transactions themselves. With its integrated platform, WealthForge aggregates a large portion of the online private placement and crowdfunding investment market and provides proper solicitation, offering due diligence, payment processing and anti-money laundering, among other services. The transactional system is in compliance with Financial Industry Regulatory Administration (FINRA) and Securities Exchange Commission (SEC) mandates.

Mat Dellorso, WealthForge founder and CEO, said, “Our company will continue to grow with the support from CIT GAP Funds. The investment will help us toward our goal of becoming the ‘provider’s provider’ to this emerging market.”

CIT GAP Funds is a family of seed- and early-stage investment funds placing near-equity and equity investments in Virginia-based high-growth technology, life science and clean technology companies.

Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, “We offer entrepreneurs like Mat Dellorso 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 invested in over 80 companies across the Commonwealth of Virginia, deploying more than $9 million of public funds and attracting over $125 million more in private funding.

About the Center for Innovative Technology,
Since 1985, CIT, a nonprofit corporation, has been the Commonwealth’s primary driver in developing innovation-based economic development strategies and opportunities. CIT accelerates the next generation of technology and technology companies through commercialization, 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. Follow CIT on Twitter @CITorg; and add the Center for Innovative Technology on LinkedIn or Facebook.

About the CIT GAP Funds,
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 Clinic, Johnson & Johnson, General Electric and Alpha Natural Resources.

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