The National Venture Capital Association has named Charlottesville the fastest growing venture ecosystem in the United States. According to Michael Straightiff, Executive Director of the University of Virginia’s Licensing and Ventures Group (LVG), companies such as MadiDrop PBC are helping to garner the attention. See the video interview.
Straightiff provided several reasons why Charlottesville is gaining national recognition. He explained that nine companies raised $27.7 million in venture capital financing in 2015. He noted that Charlottesville continues to evolve as an innovation hub, in particular with the University’s increased support of Darden’s iLab as well as LVG activities around commercializing ideas developed at the University. These investments fuel the pipeline, helping companies such as MadiDrop PBC to bring University research into public marketplaces where they can have a positive social impact.
In a related story, MadiDrop PBC recently closed its second round of bridge funding with an investment from Axel Johnson Inc. MadiDrop PBC will use the funds to build market share in communities around the world and to increase manufacturing at its Virginia-based facility. More on this story at MadiDrop News.