Mayor Bowser has launched the DC Venture Capital Program, a new $26 million fund designed to make equity investments in pre-seed, seed, and early-stage tech companies based in Washington, DC. The program prioritizes funding for businesses led by Black, women, immigrant, and socio-economically disadvantaged founders, addressing long-standing disparities in access to capital.
The DC Venture Capital Fund represents a transformative commitment to DC-based businesses by leveraging public dollars to attract private investment. For every dollar the District invests, private investors are required to contribute at least an equal amount, effectively doubling the total funding available to DC startups to a minimum of $52 million.
The Office of the Deputy Mayor for Planning and Development (DMPED) selected K Street Capital as the Program Administrator for the DC Venture Capital Fund. Leveraging their extensive investment experience and deep ties to the local community, K Street Capital will oversee the deployment of SSBCI dollars to by contracting with local and regional venture capital firms. These firms will work directly with DC-based startups to establish funding deals, ranging from $250,000 to $5,00,000. DMPED will provide oversight and management of KSC’s administration of the program.
The fund utilizes State Small Business Credit Initiative (SSBCI) funding, provided to the District by the U.S. Treasury Department. SSBCI, created in 2010 and renewed as a part of the American Rescue Plan Act (ARPA) in 2021, is a federal program designed to drive business growth in states and jurisdictions across the country.
Interested investors, fund managers, and venture capital firms, are encouraged to reach out to K Street Capital and DMPED to learn more about the program. More details pertaining to how businesses can apply for SSBCI equity investments will be released in the coming months.
