COLUMBUS, Ohio, Oct. 1, 2024 — HOMAGE, Inc., the vintage-inspired sports and licensed apparel brand, today announced the successful closing of its latest growth capital round. After being kicked off with an initial investment from Ryan Reynolds’ Maximum Effort, several prominent figures and organizations joined the round, including Winnie Capital (led by NFL star Jason Kelce), More Better (led by Emmy-winning creator, actor and entrepreneur Rob McElhenney), Adam Hansmann (co-founder of The Athletic), Haslam Sports Group (owners of the Cleveland Browns, Columbus Crew, and shared controlling owners of the Milwaukee Bucks), 35Ventures (led by Kevin Durant and Rich Kleiman) and Wheelhouse 360. The addition of this notable group of investors will further strengthen HOMAGE’s foothold in the sports, media, and entertainment industries.

“We’re thrilled to have attracted this incredible group of investors,” said Ryan Vesler, Founder and CEO of HOMAGE. “At HOMAGE, we’ve always been focused on helping our customers ‘pay homage’ to the people, places, and moments that mean the most to them. We look forward to growing the HOMAGE brand even further by tapping into our new investors’ strong cultural networks and unique strategic assets.

HOMAGE plans to use this capital infusion to continue expanding production capabilities, grow its operating team, and strengthen its technology and marketing infrastructure. The brand also aims to scale its partnerships within the licensed product industry, where it already boasts collaborations with the NFL, NBA, WNBA, MLB, and other major pop culture entities.

The new investors in this round are not just bringing capital; they are contributing to HOMAGE’s future in tangible ways, from content creation to strategic advisory roles. As an example, Jason Kelce’s investment builds on a long-standing relationship with HOMAGE that includes projects such as serving as the merchandise partners for the Kelce brothers’ “New Heights” podcast, and creating unique collections that support Jason’s charitable efforts, including  “A Philly Special Christmas Special” and “Jason Kelce Pay HOMAGE” retirement t-shirt.

“I’ve been a fan of HOMAGE from the start because their designs bring back so many memories—from the things I grew up doing to the teams I’ve always rooted for,” shares Jason Kelce. “There’s a real sense of nostalgia in everything they do, and it resonates with me.”

Similarly, 35Ventures and its connections in the sports industry, along with Haslam Sports Group’s influence across multiple sports properties, will open new doors for HOMAGE as it continues to grow its brand visibility and engage a wider audience.

“We’re grateful for the opportunity to collaborate with such dynamic individuals and companies in this exciting next chapter for HOMAGE,” Vesler concluded. “We’re looking forward to the creativity, strategic insight, and energy they’ll bring to the brand, helping us grow in ways we couldn’t have imagined just a few years ago.”

About HOMAGE, Inc.
HOMAGE is an official license partner to the NFL, NBA, WNBA, and MLB, as well as numerous colleges and universities, and many beloved pop culture brands. Its mission is to help its customers pay homage to the people, places, and moments that mean the most to them. HOMAGE is proudly based in Columbus, Ohio. HOMAGE apparel is designed and produced in-house and available online at www.HOMAGE.com and in stadium team stores across the country.

About Maximum Effort:
Maximum Effort makes movies, tv series, content and cocktails for the personal amusement of Hollywood Star Ryan Reynolds. We occasionally share them with the general public.

About More Better:
More Better, founded by Rob McElhenney, invests in sports, entertainment and related properties that further its mission of compelling storytelling. To learn more, visit https://www.more-better.co.

About Winnie Capital:
Winnie Capital, led by NFL star Jason Kelce, is a venture firm dedicated to supporting companies with exceptional growth potential across diverse industries.

About Haslam Sports Group:
Haslam Sports Group owns and operates the Cleveland Browns and Columbus Crew, focusing on community impact and championship-winning teams. To learn more, visit https://haslamsports.com/.

About Wheelhouse 360:
Wheelhouse 360 invests in breakthrough consumer brands, offering access to strategic resources through its partnerships with content producers, marketing and branding agencies, and talent managers. To learn more, visit https://www.wheelhouse360.com/

About 35 Ventures:
35V, the family office of 2x NBA Champion Kevin Durant, manages investments in over 100 startups, KD’s personal brand, business ventures, and the Durant Family Foundation. To learn more, visit https://35v.tv/.

SOURCE HOMAGE

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The Investment Emphasizes HEST’s Commitment to Driving Transformation in Science

DALLAS, Oct. 1, 2024 — HEST Investments, a Dallas-based venture capital family office known for its commitment to innovative and disruptive ventures, is proud to announce its recent investment in Valerion, a cutting-edge battery technology company headquartered at The University of Michigan. The investment, finalized in June 2024, marks a pivotal moment in HEST Investments’ ongoing mission drive transformative change in science and technology.

Valerion is at the forefront of revolutionizing the battery industry with technology that makes batteries more efficient, longer lasting and cost-effective. The newly secured capital will be utilized to conduct further testing and development of Valerion’s groundbreaking battery technology, which has the potential to reshape the landscape of electric vehicles (EVs) and all battery-operated technology.

“We are excited to support Valerion in their journey to redefine the future of battery technology,” said Don Huffines, CEO of HEST Investments. “At HEST, our mission is to see beyond the obvious, and Valerion’s innovative approach to energy storage perfectly aligns with our vision of investing in technologies that have the power to change the world.”

Jim Graham, CEO of Valerion, shared his enthusiasm for the partnership, stating, “This investment comes at a critical time as we advance our technology towards commercialization. HEST Investments not only provides the capital we need to push our development forward but also offers a partnership grounded in a shared vision for sustainable and impactful innovation.”

HEST Investments’ diverse portfolio spans life sciences, biotech, and technology, with a particular focus on identifying and supporting companies that challenge conventional wisdom and have the potential to drive significant change in their industries. The firm’s investment in Valerion underscores its dedication to fostering the growth of visionary companies poised to make an impact to the way we view the world.

As Valerion continues to innovate and push the boundaries of battery technology, HEST Investments remains committed to backing transformative ventures that are set to shape the future. For more information about HEST Investments, please visit https://hest.group/. To learn more about Valerion, please visit http://valerion.eco/.

Media Contact:
HEST Investments
Phone: (214) 526-3000
Email: [email protected]

About HEST Investments
HEST Investments is a Dallas-based venture capital family office focused on seeing beyond the obvious. With a diverse portfolio in life sciences, biotech, and technology, HEST Investments is dedicated to investing in groundbreaking companies that challenge conventional wisdom and have the potential to drive transformative change.

About Valerion
Valerion is a pioneering battery technology company headquartered at The University of Michigan. Valerion is dedicated to transforming the battery industry with innovations that make batteries more efficient, lighter, longer lasting and cost-effective. Their technology has the potential to revolutionize the electric vehicle market and reshape the landscape of all battery-powered technology.

SOURCE HEST Investments

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HOUSTON, Oct. 1, 2024 — DocJuris, a leader in AI contract review, announced today the successful closure of its Series A funding round, raising $8 million in new capital, bringing the total capital raised to date to $11.2 million. The round was led by Silverton Partners, the most active venture capital firm in Texas, with participation from previous investors Watertower Ventures, Surface Ventures, and Seed Round Capital.

DocJuris’s AI-powered contract negotiation software automates key tasks during the review, redlining, and negotiation of contracts. These capabilities come at a critical time for enterprise teams and general counsels. In a DocJuris survey of 700+ in-house attorneys and contract administrators, an astonishing 74% of companies manually review and draft contracts, amounting to significant errors and time lost in legal operations, sales cycles, and supply chain management.

The key to DocJuris’s success has been rooted in unmatched AI functionality that makes contract negotiations lightning-fast, compliant, and more enjoyable. Several Fortune 500 companies — including Siemens, Dell, FedEx, Toyota, and Duke Energy — leverage DocJuris for various contract management tasks. They use the platform to screen third-party contracts in seconds, redline clauses with playbook-compliant edits in one click, and generate perfectly formatted track changes, exception tables, and amendments — all from a streamlined, cloud-based application.

“DocJuris AI has become an industry-leading platform that empowers enterprise legal, procurement, and sales teams to close deals faster while reducing risk,” said Henal Patel, CEO and Founder of DocJuris. “With this funding, we will continue scaffolding our platform around generative AI, expand our customer success team, and grow our user base.”  

The Association of Corporate Counsel, the largest network of enterprise in-house counsel in the world, awarded DocJuris the Value Champion Award in 2023 for reducing contract cycle times to minutes with AI. This prestigious award is given to only 1% of legal technology vendors and was part of a DocJuris customer case study with Flex, a Global Fortune 500 electronics manufacturing company.

Iringo Csifo-Nagy, Lead Attorney for Flex’s Global Procurement and Supply Chain, stated, “The average turnaround time for redlining a complex supply chain agreement was eight days, and our contract volumes were increasing. It was time for a change. We wanted to replace repetitive, manual tasks and free up valuable time for our employees to focus on more impactful work. To achieve this, we developed a turnkey solution for AI-driven contract reviews together with the DocJuris team.”

About DocJuris

Headquartered in Houston, DocJuris is a dynamic legal tech company committed to revolutionizing contract review and negotiation with its state-of-the-art AI platform. Led by a seasoned team of legal professionals and tech enthusiasts, DocJuris optimizes contract review processes, guarantees policy alignment, and reduces contract negotiation timeframes.

For press inquiries only:
PR Contact Name: Kirsten LeBouef
Email: [email protected] 

For more information on DocJuris:
www.DocJuris.com

SOURCE DocJuris, Inc.

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DENVER, Oct. 1, 2024 — thebad.company, a Colorado-based venture studio, business accelerator, and investment group, is excited to announce a groundbreaking partnership with WeFunder, aimed at raising $250 million over the next 10 years. The funds will be used to solve key challenges facing Colorado, focusing on workforce readiness, reshoring manufacturing, and transforming the artificial intelligence (AI) landscape.

Building the Workforce of the Future

A core initiative of this partnership is enabling every high school and college student in Colorado to gain real-world work experience. thebad.company is building technology that will connect employers and educational institutions to create real-time curriculum revisions that align with rapidly evolving job market needs.

“At thebad.company, we’re reimagining how education and business can collaborate to prepare the workforce of tomorrow,” said Orin Wilson, CEO of thebad.company. “By creating direct bridges between schools, employers, and the workforce, we’re not just enhancing career readiness — we’re transforming it.”

Reviving U.S. Manufacturing, Starting with Colorado

In addition to education and workforce development, the partnership will focus on reshoring manufacturing to the U.S., beginning with Colorado. thebad.company will work to build technological infrastructure and networks that empower the state’s manufacturing industry.

“This isn’t just about solving today’s problems; it’s about building a better tomorrow,” said Brad Kellum, Chief Innovation Officer of thebad.company. “This partnership will position Colorado as a leader in manufacturing innovation and growth.”

Transforming the AI Industry with Spectre Labs

A visionary aspect of this partnership is thebad.company’s AI Future Lab, known as Spectre Labs, where the company is exploring what the AI landscape will need to look like over the next decade. Spectre Labs metaphorically “time-travels” into the future to build the frameworks necessary for an optimal AI environment. The lab is setting its sights on creating an AI ecosystem that not only pushes the boundaries of innovation but also ensures ethical, sustainable, and efficient AI development.

“Through Spectre Labs, we’re looking beyond today’s challenges and building the AI frameworks of tomorrow,” said Ryan Doelling, COO of thebad.company. “Our goal is to anticipate the needs of an AI-driven world and ensure that we’re ready to meet them.”

The AI Future Lab will explore breakthrough AI technologies, addressing ethical concerns and laying the groundwork for an AI landscape that enhances productivity, sustainability, and human well-being.

Additional Key Initiatives:

1. Colorado Investment Coalition – Creating a coalition that gives Colorado investors more direct control over investing in local initiatives.
2. Business Climate Analytics Tools – Providing entrepreneurs and chambers of commerce with analytics to understand business needs and helping them bring new businesses to life.
3. Industry Alliances – Building alliances in key sectors like technology, aerospace, manufacturing, and e-commerce to drive long-term innovation and growth.
4. Housing Affordability & Sustainability – Addressing rising housing costs through technological innovation and sustainable business models.
5. Environmentally Sustainable Business Environment – Promoting environmentally conscious practices through collaboration and technological advancements.

“Our partnership with WeFunder allows us to bring these transformative ideas to life,” added Orin Wilson, CEO at thebad.company. “Together, we’re creating a vibrant, resilient, and future-ready business landscape for Colorado.”

WeFunder’s Vision for Innovation

WeFunder, a leading crowdfunding platform, is equally enthusiastic about the partnership and its potential to create lasting change.

“At WeFunder, we aim to empower communities and entrepreneurs to solve pressing challenges,” said Justin Renfro, a representative of WeFunder. “This collaboration with thebad.company is perfectly aligned with our mission to support visionary startups that can make a real difference, particularly in areas as critical as AI and workforce development.”

Tech and Innovation Leadership in Denver

Thebad.company is already laying the foundation for a tech-forward future by founding the Denver YCombinator Alumni Group through their CEO, Orin Wilson, who is a YCombinator Alum, furthering the company’s commitment to fostering local talent and innovation in Colorado.

About thebad.company

Thebad.company is a venture studio, business accelerator, and investment group with a mission to solve the world’s toughest problems through the creation of innovative companies. From reshaping industries to advancing AI, thebad.company is committed to generating widespread positive impact.

For more information, visit https://www.thebad.company/.

Media Contact:

[email protected]

SOURCE thebad.company

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Founded in January 2024, Eon’s vision for the future of cloud backup posture management has attracted funding from Sequoia Capital, Lightspeed Venture Partners, Greenoaks, and dozens of industry leaders

NEW YORK, Oct. 1, 2024 — Eon, a next-generation cloud backup solution, announced its launch from stealth, having raised a total of $127 million in funding. The first backup autopilot for the age of cloud infrastructure, Eon monitors cloud resource sprawl and brings cloud backup posture management (CBPM) to enterprises. Eon replaces legacy backup tools and generic snapshots, transforming backups into useful, easy-to-manage assets.

Eon was founded by Ofir Ehrlich, Gonen Stein, and Ron Kimchi, the team behind CloudEndure, which was acquired by Amazon in 2019, where they built and led the Disaster Recovery and Cloud Migration services at AWS. Their experience working with the biggest companies revealed a glaring hole in the cloud infrastructure backup and recovery market, leading to the creation of Eon. 

Since its founding in January 2024, Eon has secured three rounds of funding; a $20 million Seed led by Sequoia Capital with participation from Vine Ventures, Meron Capital, and Eight Roads, a $30 million Series A led by Lightspeed Venture Partners and participation from Sheva, and a $77 million Series B led by Greenoaks with participation from Quiet Ventures.

The global cloud infrastructure market is growing at an aggressive pace, expected to reach $838 billion by 2034, with enterprises estimating that 10-30% of their total cloud bill will be spent on backup storage and management. However, the scale and dynamic nature of the cloud have led to enterprises losing control over their backups. Current backup management methods require time-consuming, manual data classification and tagging processes, agents and appliances, face mounting prohibitive costs, and ultimately produce backups that are not accessible. 

“Eon has reimagined what backups can be for enterprises by introducing a new era of cloud backup storage and management,” said Ofir Ehrlich, Co-Founder and CEO of Eon. “We are fortunate to have supportive funding partners who deeply understand the value of unlocking cloud backups to be truly automated, globally searchable, portable, and useful”.

Eon autonomously scans, maps, and classifies cloud resources continuously, providing backup recommendations based on business and compliance needs, and ensuring the appropriate backup policy is in use. Existing solutions rely on snapshots, which are non-searchable black boxes, that require full restores, and are vendor-locked. In contrast, Eon’s next-generation backup storage is fully managed, portable, and provides global search capabilities. This enables customers to find and restore individual files and run SQL queries on backed-up database snapshots seamlessly, without any resource provisioning. 

“In an industrywhere file restoration can take weeks, Eon’s novel backup solution pinpoints data instantly, saving time, money, and compliance headaches for customers,” said Shaun Maguire, Partner at Sequoia Capital. “With a world-class team led by cloud pioneers Ofir, Gonen, and Ron – Eon is bringing the next generation of cloud backup management to market.”

“Investing in the right company begins with investing in the right team, and with Eon we saw an exceptional team, uniquely skilled for the task at hand,” said Tal Morgenstern, Partner at Lightspeed. “Eon is addressing a critical need as enterprises accelerate their cloud adoption and face headwinds of data protection concerns. We are thrilled to support their mission.” 

“Storage and backup are among the largest parts of the IT budget,” said Patrick Backhouse, Partner at Greenoaks. “Yet customers are stuck with frustrating, outdated options, leaving them with poorly optimized costs; incomplete data inventories; and shallow classification. Eon has the team, the expertise, and the ambition to develop an entirely new product that we believe will become the cognitive referent for cloud-native backup. We are proud to partner with Ofir and his team early in their journey, as they break the trade-off between price, performance, and transparency.”

About Eon

Eon is a next-generation cloud backup solution, introducing the first backup autopilot for the age of cloud infrastructure. It brings cloud backup posture management (CBPM) to enterprises and transforms traditional, hard-to-use cloud backups into useful, easy-to-manage assets. Founded in 2024 by Ofir Ehrlich, Gonen Stein, and Ron Kimchi, the team behind CloudEndure (acquired by Amazon), Eon is backed by leading venture capital firms including Sequoia, Greenoaks, and Lightspeed, as well as dozens of industry leaders. For more information and to learn more, please visit https://www.eon.io/. 

Media Contact 
Josh Schaefer
[email protected]
+972-050-790-4505 

SOURCE Eon

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BOSTON, Oct. 1, 2024 — J2 Ventures announced today that Jennifer Cable, the President of Thorlabs, the leading international provider of optical and fiber optics equipment design and manufacturing in America, has joined its advisor board. Ms. Cable’s expertise will help J2 Ventures continue its expansion into the cutting edge of deep technology sourcing and manufacturing lines of business. 

Ms. Cable has led Thorlabs’ comprehensive and strategic expansion efforts, growing its lines of business through strategic collaborations and organic growth, with a focus on serving academic and industrial research customers, as well as both startups and established firms working in industries such as quantum, semiconductor, optical telecommunications test and measurement, and medical devices and imaging. The firm was founded by her father, Alex Cable, who saw a significant gap in the market to provide best-in-class optical equipment to frontier tech companies and academic institutions around the world, and has since grown into one of the largest equipment providers in the United States, with Ms. Cable now leading as a second generation owner.

“We could not be more excited to collaborate with Jenn Cable who has already shown both an incredible wisdom and alacrity in working with deep technology startups” commented J2 Ventures Managing Partner and Co-founder, Alexander Harstrick. Alex has worked with and known Jenn Cable for over a decade, but she has already seamlessly worked directly with J2 companies and the rest of the team before joining their advisory board permanently. “The value Jennifer brings is palpable, and everyone at J2 recognizes both the brand and value that a partner like Thorlabs means in the space”, noted Jonathan Bronson, PhD, the other side of J2’s founding team.

Jennifer Cable joins other J2 Advisory Board Members VADM Raquel Bono, MD, the former head of the Defense Health Agency, LTG Patty Horoho, the former Surgeon General of the U.S. Army, Nori Gerardo Lietz, a significant leader in Private Equity, Mr. Kenny Lee, the founder of Kencoa Aerospace and Mr. Paul Gompers, one of the most published authors at Harvard Business School in the space of Venture Capital and a leading expert in the space.

“It is clear the J2 team has unprecedented access to some of the most exciting companies in our space and I am excited to take our mutual passion to the next level as an advisor to their team”, noted Jennifer. “I look forward to continuing to help the team advise founders, especially with scaling their supply chain and manufacturing and help the team grow into some incredible opportunities to commercialize and scale cutting edge technologies”.

About J2 Ventures
J2 Ventures is a $250M+ AUM deep-tech venture capital firm based in Boston, investing in sectors critical to national security and private sector advancements, including advanced computing, cybersecurity, telecom and infrastructure, and healthcare. For more information about J2 Ventures and their initiatives, please visit https://www.j2vp.com/.

About Thor Labs
Thorlabs, a vertically integrated photonics products manufacturer, was founded in 1989 to serve the laser and electro-optics research market. As that market has spawned a multitude of technical innovations, Thorlabs has extended its core competencies in an effort to play an ever-increasing role to serve the Photonics Industry at the research end, as well as the industrial, life science, medical, and defense segments. The organization’s highly integrated and diverse manufacturing assets include semiconductor fabrication of Fabry-Perot, DFB, and VCSEL lasers; fiber towers for drawing both silica and fluoride glass optical fibers; MBE/MOCVD epitaxial wafer growth reactors; extensive glass and metal fabrication facilities; advanced thin film deposition capabilities; and optomechanical and optoelectronic shops.

Media Contact: 
Alexander Harstrick
[email protected]

SOURCE J2 Ventures

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STOCKHOLM, Oct. 1, 2024 — Avassa is a Swedish edge application management and operations platform provider. They now close a new investment round, adding the global fashion retailer H&M Group as a strategic investor for the continued modernization of brick-and-mortar store IT operations.

Edge computing is revolutionizing enterprises everywhere by bringing data processing closer to the source, significantly improving application availability, and enhancing real-time decision-making. Avassa offers a Platform as a Service (PaaS) for managing edge applications and infrastructure across various industries including retail, industrial, and automotive. This enables enterprises to efficiently manage the lifecycle of innovative edge applications and build resilient infrastructure that can operate undisrupted during offline scenarios, maintain security posture in exposed store environments, and accelerate innovation.

H&M Group has selected the Avassa Edge Platform as a key component in a broader redesign and innovation initiative for their in-store IT infrastructure. Building on this collaboration, H&M Group’s investment arm, H&M Group Ventures is now extending their engagement with Avassa by investing in the continued growth of the company, alongside Avassa’s existing investors, Fairpoint Capital, and Industrifonden.

“We are honored and proud to have H&M Group join as an investor. This investment further emphasizes H&M Group’s commitment to building a secure and innovative new generation of store IT, already demonstrated in the implementation of the Avassa Edge Platform. Retail is one of the fastest-moving industries in edge computing and we are excited to collaborate closely with H&M Group, industry leaders in this category. We are also grateful to our existing investors for their renewed trust in us on our continued growth journey,” says Fredrik Lundberg, CEO and co-founder of Avassa.

“We are delighted to deepen our partnership with Avassa with this investment and we look forward to continuing to use Avassa as an important component to further enhance our edge computing capabilities across the H&M Group”, says Katharina Gromotka, Investment Manager at H&M Group Ventures.

With this strategic collaboration with H&M Group, Avassa continues their commitment to offering a leading edge management and operations platform at a global scale.

CONTACT: 
Amy Simonson
Marketing Manager
[email protected]
+4673 026 47 38

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/avassa/r/avassa-closes-new-round-of-funding–welcomes-h-m-group-as-strategic-investor,c4044484

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$2.5 Billion of Venture Capital Investment Poured into Virginia in 2023

RICHMOND, Va., Sept. 30, 2024 — The Virginia Innovation Partnership Corporation (VIPC) hosted the President of the National Venture Capital Association (NVCA), VIPC Board members, and local ecosystem stakeholder leaders at Amazon Visitors Landing at Amazon HQ2 in Arlington, Virginia to celebrate Virginia’s top 10 national ranking for venture capital investment activity during 2023, as reported by Pitchbook-NVCA’s latest Venture Monitor industry data. NVCA reported approximately $2.5 billion of venture capital investment activity during 2023 in Virginia, ranking Virginia the 8^th highest state in the country and ahead of other states such as Illinois, Pennsylvania, Maryland, New Jersey, North Carolina, Tennessee, Georgia, Delaware, and Ohio. This is Virginia’s highest venture capital national ranking, and the first time Virginia has climbed back into the top 10, in over 15 years according to Pitchbook/NVCA reported data.

A theme at the VIPC hosted event was Virginia cultivating a culture of growth, opportunity, and collaboration that is contributing to a thriving business environment for entrepreneurs, innovators, startups, businesses, and investors. Virginia’s top 10 national ranking for venture capital investment also coincides with Governor Glenn Youngkin recently announcing Virginia being ranked #1 Top State for Business in America by CNBC and Virginia realizing a record 10,000 new high-growth startups launched in the Commonwealth over just the past two years. 

The President of NVCA delivered a keynote address at the event which was attended by Virginia Secretary of Commerce Caren Merrick, State Senator Saddam Azlan Salim, and local stakeholder leaders representing Arlington, Alexandria, Fairfax county economic development authorities; Northern Virginia Black Chamber of Commerce; George Mason University and Virginia Tech Innovation Campus; the Commonwealth of Virginia; and the entrepreneur startup and venture capital community.

VIPC President and CEO, Joe Benevento, remarked, “Virginia’s top 10 national ranking demonstrates how dynamic high-growth companies in Virginia are offering VCs from across the country compelling opportunities to deploy capital. Capital fuels growth and VIPC looks forward to fostering continued private sector engagement and investment within our thriving entrepreneur ecosystems, including through our new Virginia Invests venture capital partnership initiative.”

Bobby Franklin, President and CEO of NVCA, commented, “Virginia is asserting itself as a key leader in the venture capital industry. The Commonwealth is not only competing but outpacing other states in attracting investment, thanks to its supportive innovation landscape and growing pipeline of startups.”

VIPC & Virginia Invests

VIPC is Virginia’s statewide economic development authority for advancing innovation, technology, commercialization, entrepreneurship, startups, and venture capital investment. Since 2004, VIPC has helped catalyze and leverage over $2 billion of cumulative investment capital from the private/public sector which has supported Virginia-based early-stage companies, technology commercialization, and innovation ecosystems.

In May 2024, VIPC launched a new venture capital partnership initiative called Virginia Invests, which is designed to expand access to early-stage capital and catalyze investment from both in-state and out-of-state investment fund networks into Virginia-based startups.  VIPC has initially partnered with seven venture capital fund managers who combined have committed to invest at least $100 million in Virginia-based startup companies as well as participate in a number of local entrepreneur ecosystem events and engagements throughout Virginia over the next five years.  Two of these fund managers have also relocated their headquarters, or plan to expand new offices, in Virginia.  VIPC expects Virginia Invests to attract at least $10 of private sector investment for every $1 committed by VIPC (10:1 leverage).

VIPC’s Virginia Venture Partners Managing Director, Tom Weithman, stated, “Our top 10 national ranking by NVCA is a testament to Virginia’s sustained commitment to a robust innovation and technology landscape which supports the next generation of great companies to launch, grow, and scale here in the Commonwealth.” 

Learn More about VC opportunities and VIPC: www.VIPC.org.

About Virginia Innovation Partnership Corporation (VIPC)
Connecting innovators with opportunities. VIPC operates as the nonprofit corporation on behalf of the Virginia Innovation Partnership Authority (VIPA). VIPA / VIPC is Virginia’s designated authority for leading innovation and economic development in the Commonwealth of Virginia through research, commercialization, and technology advancement; entrepreneurship, startup, and venture capital growth; and regional ecosystem, innovation network, and industry sector expansion. As part of its operations, VIPC helps attract and catalyze private investment into early-stage startup companies, provides research and technology commercialization grants to universities and entrepreneurs, and offers resource and funding support for entrepreneurial ecosystems, innovation networks, and public-private partnerships at local, state, and federal levelsVIPC’s programs include: Virginia Invests | Virginia Venture Partners (VVP) | Commonwealth Commercialization Fund (CCF) | Entrepreneurial Ecosystems Development | Regional Innovation Fund (RIF) | Smart Communities | The Virginia Smart Community Testbed | The Virginia Unmanned Systems Center | Virginia Advanced Air Mobility Alliance (VAAMA) | The Public Safety Innovation Center (PSIC) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement.

For more information, please visit www.VIPC.org. Explore the latest news from VIPC and images from VIPC-supported stakeholder events. Follow VIPC on Facebook, X, and LinkedIn.

Contact
Angela Costello
VIPC, VP of Communications & Marketing
[email protected]
757-870-6848

SOURCE VIPC

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Lucky Energy raises $11.75M to bolster brand awareness through retail expansion, trial, and new leadership hires

AUSTIN, Texas, Sept. 30, 2024 — Lucky Energy, the simpler, better-for-you energy drink company, today announced the close of their oversubscribed $11.75M Series A led by Brand Foundry Ventures with additional investment from Imaginary Ventures, Sapphire Sport, and Sugar Capital, among others. This brings the total funding raised to date to $26.5M. Already a category disrupter despite launching in late 2023, Lucky Energy continues to defy the odds with their rapid expansion and new leadership hires. The funds will be used to grow brand awareness and trial, support strategic partnerships, and accelerate retail growth as Lucky Energy looks to enter major retailers in 2025.

“In starting Lucky Energy, I saw a white space in the category to create a ‘less is more’ product that not only entertains today’s consumer but inspires our community to never give up and relentlessly chase their dreams,” stated CEO and Founder of Lucky Energy, Richard Laver. “We’ve put together a team of industry disruptors and we’re making an impact on the market in never-before-seen ways.”

Since its launch, Lucky Energy has seen explosive growth across the industry, selling 2x the category average in retail, and plans to reach over 8,000 doors by end of year. The oversubscribed round comes as Lucky Energy continues to expand its team with industry veterans, including their new Chief Marketing Officer Hamid Saify who joins from Liquid Death and Chief Growth Officer Aaron Sorelle who joins from C4 Energy, in an effort to bring critical insights and expertise into scaling the energy drink brand. Additional hires across marketing, finance, and operations include Jeanette Bustamante (RXBAR), Dustin Canner (Lemon Perfect), Tyler Larkin (Liquid Death), Rudra Persaud (Liquid Death), and Matt Rickert (Liquid Death).

“The energy market is vast, rapidly expanding, and primed for brand and product innovation,” said Rico Mallozzi, Principal at Sapphire Sport. “With the top three energy brands being over 20 years old, there is a clear demand for an anti-brand like Lucky Energy, which embodies positivity and has the potential for broad consumer appeal. We are excited to partner with Lucky Energy as they build and scale their unique brand, and we look forward to supporting them not only as investors but also through Sapphire Sport’s iconic network of sports, media, and entertainment LPs.”

Founded by beverage entrepreneur Richard Laver in 2023, Lucky Energy contains simpler ingredients than competitors and is available in 5 flavors with 5 super ingredients (Maca, Ginseng, Beta-Alanine, Taurine, Caffeine). In taking a rebellious approach to spreading luck through out-of-the-box content, consumer rewards, merchandising, and product launches, Lucky Energy empowers its growing squad of loyalists to take risks and live life to the fullest, and it’s not stopping any time soon.

“Clean energy makes up less than 10% of the broader $100B+ energy drink category today,” said Andrew Mitchell, Founder of Brand Foundry Ventures. “We believe that Lucky Energy has a clear opportunity to be a major market driver with its unique value proposition. It has attracted talent from the hottest beverage brands and is transforming how consumers experience energy drinks. BFV is thrilled to lead this investment in Lucky Energy, the next iconic energy brand.”

To learn more about Lucky Energy, visit www.luckybevco.com and follow on social media @luckyfckenergy.

About Lucky Energy
Lucky Energy is a simpler, better-for-you energy drink company founded by serial beverage entrepreneur Richard Laver. Richard Laver founded Lucky Energy to inspire people to persevere and keep going as he learned to do. The youngest survivor of Delta flight 191 flight that killed his father and 136 others, and the founder of Kate Farms (now the #1 recommended plant-based tube-feeding formula), Laver was inspired to create a cleaner alternative to the energy drinks on the market. The brand creates high-quality products to motivate people to keep going and inspire lucky moments.

SOURCE Lucky Beverage Company

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