Crystal City will soon be the home to dozens of early stage technology companies, housed in the just-opened Crystal Tech Fund coworking space.
Located on the 10th floor of 2231 Crystal Drive, the $50 million Crystal Tech Fund — founded by Paul Singh, an early partner in the venture capital firm 500 Startups — provides office space to companies while also giving each of them significant capital investments and entrepreneurial mentorship.
The fund’s office space opened this week with six companies inside, and partner Brooke Salkoff said the floor — which has an acre of space — can fit up to 30 or 40 companies. The idea isn’t to bring in new startups and be an incubator or accelerator, she said — the startups eligible for space must already have an average of $1 million in annual revenue.
“These startups need more money in order to grow,” Salkoff said. “We fund startups to scale nationwide, and it’s scalable because once they grow, there’s more space around Crystal City.”
Sen. Mark Warner (D) toured the space this morning and Gov. Terry McAuliffe will do the same tomorrow morning, meeting the companies, some of whom are D.C.-area natives and others that moved to Crystal City from other tech hotbeds like Austin, Texas. Warner was briefed on the concept by Singh and Vornado/Charles E. Smith President Mitchell Shear. Vornado contributed $10 million in investment capital as well as the space.
“The combination that’s taking place here is the kind of thing I want to see all over Virginia,” Warner told a group of reporters. “I think Crystal City is being remade. If we could create a tech entrepreneur hotbed here, that would be great for Virginia.”
Among the space’s first tenants are Power Supply, a platform that allows chefs to deliver healthy meals directly to customers, and SupplyHog, an e-commerce platform for contractors. Warner, a former tech investor and one of the founders of Nextel, asked each company to give him “an elevator pitch.”
“We’re going to find the best companies from around the world,” Singh said, “and bring them to Virginia.”
Viral Video Stems from Arlington Eluding — “The Fairfax County Police Department is conducting an administrative review of a traffic stop on Richmond Highway this past weekend, video from which…
A 3 BD/1.5 BA brick home with hardwood floors, new refrigerator and deck is included in Just Reduced.
All lanes of eastbound I-66 lanes approaching Rosslyn were closed tonight due to a crash. A car crashed and overturned shortly after 8:30 p.m. No serious injuries were reported but…
Looking for something to do this week in Arlington? Check out the following selections from our event calendar. If you’d like to see your event featured, fill out this form….
INF Care Virtual Concierge is a new and inviting option to remote assistance that leverages the best of what technology should encompass with quality interaction.
For the busy individual that needs a way to reduce stress and tackle caring for an older family member that lives alone.
For the maturing adult that just needs help with everyday tedious tasks, connectivity, and access to data on their everyday habits to pinpoint areas that need more attention.
Looking for a more convenient way to work out?
On the Go Fitness Pro offers in home personal training. We bring the gym to you, so you can save time and skip the hassle of going to the gym. Plus, our trainers are certified and experienced, so you can be sure you’re getting the best possible workout.
We provide all the equipment needed for a great workout or we can use the equipment that you have.
Schedule a free consultation today and see how we can help you achieve your fitness goals.
Mini Family & Pet Photo Sessions
Beat the rush and sign up to get your holiday photos now!
Bring your kids! Bring your dogs!
Check out the DeSilva Studios website. Look at the images and see if you like them