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Capital One shows increased appetite for funding local startups

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Posted at 10:30 AM, Jun 15, 2017
and last updated 2017-06-15 10:30:16-04

RICHMOND, Va. — One of the giants of Richmond finance has made another investment in the Richmond startup scene.

Capital One is contributing a $100,000 grant to Lighthouse Labs, a locally based nonprofit startup accelerator program that nurtures a class of entrepreneurs for three months each year.

Now in its fifth year, the program provides startups with no-strings-attached funding, office space, business classes and mentorship. Each participant company last year received $20,000 without giving up equity.

It’s the fourth year Capital One has helped fund Lighthouse Labs, and the second consecutive year it put up $100,000. The nonprofit’s other big local donors include tobacco giant Altria Group, which gave it $125,000 last year.

Capital One has shown an increased appetite for funding local startups. Earlier this year it paid $1.84 million for 1717 E. Cary St., a five-story, 36,000-square-foot Shockoe Bottom building where the Startup Virginia incubator is taking shape.

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