Capital One Pays $1.8M For Future Incubator Building In Richmond’s Shockoe Bottom
Through their Future Edge Initiative, bank and financial services giant Capital One has made a huge investment in the Richmond startup community. The Future Edge Initiative earmarked $150 million dollars in 2015 to use as grant money to empower more Americans to succeed in an ever-changing digitally-driven economy.
Capital One announced this past Thursday that they have purchased the building at 1717 East Cary street in Richmond’s Shockoe Bottom neighborhood. They paid $1.84 million dollars for the five story 36,000 square foot building.
The building is set to become home to the Startup Virginia Incubator. Will Loving and Brad Cummings are the entrepreneurs behind the incubator.
Startup Virginia will occupy the first three floors of the building while Capital One will use the space in floors four and five. Capital One is giving the space to Startup Virginia, no terms of that deal have been reported.
“(Richmond) does not have a high-growth company business incubation space,” Cummings said. n a statement. “The incubator will not only create an environment where early stage companies are surrounded by like companies, but also surround them with mentors that have started and sold companies, surrounding them with potential funding.”
Capital One isn’t just going to be a landlord though. The close proximity to the startups incubating in the space will allow them to work with Capital One.
Capital One has two other initiatives that fall under the Future Edge, in Richmond. Lighthouse Labs (a startup acceleration program) and RVAWorks (a public private partnership promoting startups and entrepreneurship in Richmond.
Loving and Cummings also have have another incubator venture in Richmond. The Annex is a 5,000 square foot facility located at 27 N. 17th Street.
They’ve already secured their first tenant into the new Startup Virginia space. A startup called Sabreez which has created the “Wind Number” app, plans to move into the space in the next six months or so.
Loving and Cummings said that The Annex will serve as overflow space once Startup Virginia fills up.