Blacksburg startups raise over $4.1 million


FOR IMMEDIATE RELEASE 
May 21, 2014

Montgomery County, Virginia
Economic Development Department

 
 
 

Montgomery County, Virginia – Over the past two months four local startups have secured $4.1 million of angel and venture financing. The startups – Fitnet, Heyo, LawnStarter and VirtualU – are located in Blacksburg and will use the funding to continue to scale their businesses. Valleys’ Ventures, LP - a regional venture capital fund that includes the Roanoke and New River valleys – was a major investor in two of the startups.

“Congratulations to Fitnet, Heyo, LawnStarter and VirtualU on their funding,” said Bill Brown, Chair of the Montgomery County Board of Supervisors. “This shows that startups can launch and successfully raise funding right here in Montgomery County.”

Information about the startups receiving funding is provided below:

  • Fitnet - Launched in 2014, Fitnet is a mobile fitness app that provides clients with a score based on their performance during individual workout sessions. The company received a $1.4 million venture round through Valleys’ Ventures, LP and CIT Gap Funds.
  • Heyo - Founded in 2012, Heyo provides a social marketing platform for small businesses looking to capture likes, emails, and sales. The company received a $2 million venture round through Valleys’ Ventures, LP.
  • LawnStarter - Founded in 2013, LawnStarter is making lawn care easy, affordable, and reliable through 21st century technology and a seamless customer experience. The company raised $107,500 through several angel investors.
  • VirtualU - Launched in 2012, VirtualU is a leader in the evolution of 3D scanning and human avatars. The company’s VFit 3D body scanner is placed in health and fitness gyms to allow users to create a hyper-realistic avatar of their bodies to show change over time. The company raised $625,000 through several angel investors.

Montgomery County is home to an emerging startup community. In 2008, CNN Money ranked Blacksburg a Best Place to Live and Launch for its mix of business advantages and lifestyle appeal.  The Virginia Tech Corporate Research Center, a 220-acre research park adjacent to Virginia Tech, has grown to over 150 research, technology and support companies. Impressively, approximately 60 percent of the companies in the park were founded by local entrepreneurs.

Montgomery County’s supportive entrepreneurial culture is cultivated by organizations such as:

About Us

Montgomery County, Virginia - home of Virginia Tech and the towns of Blacksburg and Christiansburg - is a progressive, technology-driven community with an abundance of outdoor amenities. The Montgomery County Economic Development Department actively supports the startup, retention and expansion of companies in Montgomery County as well as the recruitment of new businesses to the community.  To learn more, visit YesMontgomeryVA.org.

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