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Biz Talk: Arlington’s Innovation Economy Had Notable Year Despite Pandemic

This article was written by Adam Henry, CEcD, Business Development Manager for Arlington Economic Development.

Venture activity is a critical component to a thriving tech ecosystem, providing capital and strategic investment opportunities for startups and high growth ventures to continue to grow and expand.

Although 2020 was anything but ordinary for the business community, it saw some solid venture activity among Arlington-based businesses. According to data collected from Pitchbook.com and independent media sources, Arlington-headquartered companies were involved in over 40 deals totaling more than $14.8 billion from venture capital raises, mergers and acquisitions, strategic corporate investments, and other activity. The top industries represented in the deals included information technology, government contracting, health care, business and consumer products, and financial services. Additionally, Q1 2020 was a record quarter for Arlington-based companies, which logged 16 deals totaling at least $674.8 million in activity.

Venture capital provides investment for startups and high growth ventures that show long-term growth potential. Arlington companies were involved in 23 venture capital deals totaling more than $329.8 million. Some notable raises among Arlington-based companies include:

  • MotoRefi, a developer of an automotive refinancing platform, announced a raise of $8.6 million in February 2020.
  • HUNGRY Marketplace Inc., an Arlington-based company with a platform connecting top chefs with businesses looking for the best in catered meals, announced a raise of $19.7 million in Series B funding in March 2020.
  • Interos, which provides an AI-powered risk management supply chain platform, announced a raise of $17.5 million in Series B in March 2020.
  • CareerGig — a technology platform and ecosystem that matches freelance and contract workers to top employers, and with independent access to health and financial benefits exclusively tailored for those in the gig economy — announced its initial Seed funding round in June 2020.
  • GoTab secured a $6 million investment to enhance its innovative technology and further bridge the gap between contactless dining and full-service hospitality in September 2020.

Arlington companies were also involved in several mergers and acquisitions, which accounted for 12 deals totaling at least $13.6 billion in activity. Some notable M&A activity includes:

  • Arlington-based Incentive Technology Group (ITG) was acquired by Fairfax-based ICF for $255 million in January 2020.
  • Arlington-headquartered E*Trade Financial Corporation was acquired by Morgan Stanley for $13 billion, first announced in February 2020 and closed in October 2020.
  • Arlington-based Mobile Posse, a developer of an intelligent content discovery platform intended for creating frictionless content experiences on smartphones, was acquired by Austin-based Digital Turbine for $65 million, first announced in February 2020 and completed in March 2020.
  • Announced in April 2020, Arlington-based DivvyCloud reached a definitive agreement to be acquired by Boston-based Rapid7 for $145 million.

This activity provides validation for Arlington being an established hub of innovation and entrepreneurship, attracting regional and outside investment across a variety of industries. Arlington Economic Development looks forward to seeing what 2021 has in store for our innovation economy.

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It is the decision of the United States Department of Defense (DoD) Washington Headquarters Services (WHS) to implement the Proposed Action: the 2024 Pentagon Reservation Master Plan Update (Pentagon Master Plan) as the framework to guide future decisions regarding land use and infrastructure at the Pentagon site and Mark Center. The Pentagon Master Plan aims to provide an update to the existing conditions at the Pentagon and Mark Center and presents projects and revisions to land use categorizations that will address the specific needs to reduce the Pentagon’s environmental impacts and advance sustainability, security, and resilience. The National Environmental Policy Act (NEPA) review has been completed through preparation of a Final Environmental Assessment (EA) to evaluate environmental impacts arising from implementation of the projects. WHS has concluded that no significant impacts to the human or natural environment will result from implementation of any projects, and recognized negative effects will be reduced by adherence to standard best management practices, applicable permit and consultation conditions, and standard operating procedures. This decision is further documented in the Finding of No Significant Impact (FONSI) signed on March 20, 2024.

This notice announces the availability of the FONSI to implement the 2024 Pentagon Reservation Master Plan Update.

For further information and to request a copy of the Final EA or FONSI, please contact Brian King, Environmental and Sustainability Program Manager, WHS/Facilities Services Directorate/Standards and Compliance Division/Environmental and Sustainability Branch; (703-614-3658 or [email protected]). Please include “Pentagon Master Plan Final EA and FONSI” in the subject line.

Submit your own Announcement here.

The 3rd Annual Arlington Fair Housing Conference will feature Thomas Silverstein, renowned Fair Housing expert and Associate Director of the Fair Housing & Community Development Project at the Lawyers’ Committee for Civil Rights Under Law.

Come hear the latest news about fair housing enforcement, policy, and programs within Arlington County, Virginia, and across the country! Our expert panelists and guest speakers include fair housing advocates, elected officials, and government officials tasked with advancing housing equity at the local, state, and federal level.

Arlington has made substantial strides in advancing housing equity and improving fair housing policy with the adoption of the Regional Fair Housing Plan in 2023. Come learn what’s next to fight housing discrimination, incorporate equity for marginalized populations in our housing policies and programs, and increase awareness of fair housing rights under state and federal law.

We’ll have updates from the U.S. Department of Housing and Urban Development on the Affirmatively Furthering Fair Housing federal rule, a panel discussion of fair housing progress at the General Assembly and across Virginia, and a panel of local experts discussing the progress Arlington has made and what remains to be done.
Please RSVP in advance to ensure you receive your free lunch at the conference. Free and open to the public.

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Submit your own Announcement here.

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