About this programme
Virginia Venture Partners (VVP) is the venture-investing arm of the Virginia Innovation Partnership Corporation (VIPC) — the state's economic-development entity for innovation and entrepreneurship. VVP puts state-backed capital into Virginia-based startups working in technology, cybersecurity, life sciences, energy, and aerospace, at stages ranging from pre-MVP grants through Series A-adjacent seed rounds.
The program is structured as a ladder rather than a single fund: a Launch Grant for pre-revenue, pre-MVP teams; a Launch Note (a convertible note) for companies with an MVP and early traction; a VVP Pre-Seed investment; and a VVP Seed investment for companies moving from early traction toward Series A. Each tier has its own funding amount, matching requirement, and eligibility band tied to revenue and round size, so a company can, in principle, move up the ladder as it grows.
VVP is run by an in-house investment team led by a Chief Investment Officer, with senior investment directors covering software/cybersecurity, life sciences/healthcare, and aerospace/energy/defense respectively, plus an Investment Advisory Board of 30-plus regional entrepreneurs and investors who help with deal review. A hard requirement across every tier is that the company be headquartered in Virginia, and for the Launch Note specifically, a side letter requires the company to stay headquartered in Virginia for at least three years.
Because this is state venture capital, not a grant-only program, most tiers involve VIPC taking an equity or convertible-note position in the company, and every tier requires the company to raise matching capital from outside investors — VIPC's dollars are a top-up on a round the company is already building, not the whole round.
How it works
Launch Grant: $50,000, non-dilutive, for pre-MVP, pre-revenue companies. Matched 1:1, meaning the company must show a matching $50,000 from other sources. VIPC receives participation rights — a non-obligatory option to invest further downstream — rather than equity. Funded in quarterly cycles rather than on a rolling basis, and capped at roughly 20 grants per year across the state.
Launch Note: up to $150,000 as a convertible note, for MVP-stage companies with early customer traction and under $200,000 in ARR, raising a $300,000–$750,000 round. Matched 2:1. Note terms are uncapped, with a 20% discount and 4% interest rate, plus a Virginia side letter requiring the company to stay headquartered in Virginia for at least three years. Applications are accepted on a rolling basis.
VVP Pre-Seed: up to $250,000 in equity investment, for MVP-stage companies with early traction and under $500,000 ARR, raising a $750,000–$2 million round. Matching is variable rather than a fixed ratio and is negotiated as part of the round.
VVP Seed: $500,000–$1 million in equity investment, for companies with early traction through Series A stage, up to roughly $3 million ARR, raising a $2 million–$5–10 million round (VIPC's own materials give the round-size band as $2–10M in the depth table and $2–5M in the Pre-Seed/Seed program page — treat the exact upper bound as unconfirmed and check with VIPC directly). Matching is variable.
Across the Launch Grant and Launch Note tiers, family-and-friends money already raised does not disqualify a company, provided it was raised at least 90 days before applying — up to $300,000 for the Launch Grant and up to $500,000 for the Launch Note.
Who can apply
The company must be headquartered in Virginia; VVP does not fund out-of-state companies, and reviewers weigh potential for rapid growth and significant economic return to the state.
Launch Grant: pre-MVP, pre-revenue, with no prior angel or VC funding. Up to $300,000 raised from family and friends is acceptable if raised at least 90 days before applying.
Launch Note: MVP stage with early customer traction, under $200,000 ARR, raising $300,000–$750,000. Up to $500,000 in prior family-and-friends funding (90+ days old) is acceptable.
VVP Pre-Seed: MVP stage with early customer traction, under $500,000 ARR, raising $750,000–$2 million.
VVP Seed: early customer traction through Series A stage, up to roughly $3 million ARR, raising a multi-million-dollar round.
VIPC reserves the right to decline an applicant if it presents a competitive conflict with an existing portfolio company.
How to apply
- Identify which tier fits the company's stage, revenue, and round size (Launch Grant, Launch Note, VVP Pre-Seed, or VVP Seed) using the eligibility bands above.
- For the Launch Grant, apply within the announced quarterly application window (VIPC has run named cycles — for example, Cycle 6 opened July 1 and closed July 30, with selections, interviews, and funding following over the subsequent weeks). The next cycle opening date is posted on the Virginia Venture Partners page.
- For the Launch Note, VVP Pre-Seed, and VVP Seed, apply on a rolling basis rather than during a fixed window.
- Attend a 'Coffee with VIPC' session if useful — VIPC runs these virtually every other Friday at 9:00 a.m., with the VVP investment team and breakout rooms covering VVP, VIPC Launch, Lab-to-Launch, and federal (SBIR/STTR) funding questions; sign up via the VIPC events page or the listserv.
- For direct questions before applying, email launch@virginiaipc.org (Launch programs) or info@VirginiaIPC.org (general).
- If selected, expect a due-diligence and interview stage — VIPC uses an internal 'DD Score Sheet' to evaluate applicants — before funds are released.
Documents you’ll typically need
- Launch Grant Company Requirements document (published by VIPC alongside the application)
- Grant Terms documentation
- Company materials sufficient for VIPC's internal DD Score Sheet evaluation (VIPC does not publish the exact document checklist; expect a pitch deck, cap table, and financial/traction summary as standard diligence items, and confirm the current list with VIPC directly)
Frequently asked
What is Virginia Venture Partners?
It is the Virginia Innovation Partnership Corporation's venture-investing platform (VIPC was formerly CIT/CIT GAP Funds), offering a ladder of non-dilutive and equity funding — Launch Grant, Launch Note, VVP Pre-Seed, and VVP Seed — to Virginia-headquartered startups in technology, cybersecurity, life sciences, energy, and aerospace.
Does my company have to be based in Virginia?
Yes. VVP funds Virginia-headquartered companies only, and the Launch Note carries a side letter requiring the company to remain headquartered in Virginia for at least three years.
Is the Launch Grant equity or non-dilutive?
The $50,000 Launch Grant itself is non-dilutive, but VIPC takes participation rights as part of the terms — a non-obligatory option to invest further in the company at a later, downstream round — rather than taking equity at the grant stage.
What does the matching requirement mean in practice?
Every VVP tier requires the company to bring matching capital from other sources: 1:1 for the Launch Grant ($50,000 matched), 2:1 for the Launch Note, and a variable ratio negotiated as part of the round for Pre-Seed and Seed. VVP funding tops up a round the company is already assembling, not the whole round.
Can prior friends-and-family money disqualify my application?
No, up to a limit. The Launch Grant allows up to $300,000 in prior family-and-friends funding, and the Launch Note allows up to $500,000, as long as that money was raised at least 90 days before the application.
What are the terms of the Launch Note?
VIPC describes it as an uncapped convertible note with a 20% discount and a 4% interest rate, plus the three-year Virginia headquarters requirement.
How many Launch Grants does VIPC fund per year?
VIPC's own materials describe an expectation of roughly 20 Launch Grants per year, funded across quarterly application cycles rather than continuously.
Who do I contact with questions before applying?
launch@virginiaipc.org for Launch Grant/Launch Note questions, or info@VirginiaIPC.org for general VIPC questions. VIPC also runs a biweekly virtual "Coffee with VIPC" session with breakout rooms for VVP-specific questions.
Reviewed 2026-08-16. Programmes change — confirm current eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private consultancy and is not affiliated with any government authority.