Venture Capital News: Power Supply Raises Funds
ARLINGTON, VA, The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds closed an investment in Power Supply.
The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds closed an investment in Power Supply, an Arlington-based startup that taps excess chef capacity in major cities to produce table-ready meals that customers can access at their gym or studio.
CIT President and CEO Pete Jobse said, 'Power Supply is taking an innovative, technology-centered approach to a longstanding challenge for busy professionals - how to easily improve their diets with access to great, nutritional meals. The network of talented chefs they're building, accessed through an online marketplace, will provide consumers a new answer for nutritious food tailored to their diets and tastes. The CIT GAP Funds investment reflects our confidence in their team and potential for growth.'
Power Supply is a software and logistics management company that is creating a new way for customers to access fresh, ready-to-eat meals and snacks from a network of local chefs online. Customers get access to a wide variety of delicious, locally prepared meals with no cooking time that they can pick up at their gym or studio. Local chefs in the Power Supply network can reach new customers to grow their business and expand use of their staff and facilities. The company has over 50 distribution locations in the DC area, and plans to expand to other regions.
Power Supply CEO Patrick Smith said, 'The investment from CIT GAP Funds will accelerate development of our food commerce platform and meal review analytics engine, which are core components of better serving both our customers and the chefs in our network. For us this all about using technology to enable tastier, healthier and more convenient food experiences.'
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.
Vice President of CIT Entrepreneur and Managing Director of the CIT GAP Funds Tom Weithman said, 'CIT GAP Funds helps companies like Power Supply get the early-stage funding they need to grow. CIT GAP Funds looks for companies like Power Supply that are applying innovative technology ideas to hard problems and creating strong potential for growth.'
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, http://www.cit.org
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 and Facebook.
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 Clinic, Johnson & Johnson, General Electric and Alpha Natural Resources.
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