NMTC Coalition publishes report on the impact of NMTCs on Rural America

September 18, 2017  |   CDVCA Ventures Blog   |     |   Comments Off on NMTC Coalition publishes report on the impact of NMTCs on Rural America

The NMTC Coalition released its 2017 report on the impact of New Market Tax Credits (NMTCs) on Rural America. According to the report (relying on data from 2003-2014), the NMTC program has financed over 800 projects and generated almost 50,000 full-time jobs. Also, for the same period,  $4.8 billion in funding, or 27% of total financing in rural communities, was allocated to projects in the manufacturing and industrial sector. To download this NMTC Coalition impact report, click here.

Pacific Community Ventures releases monthly Good Jobs Recap

September 18, 2017  |   CDVCA Ventures Blog   |     |   Comments Off on Pacific Community Ventures releases monthly Good Jobs Recap

On August 31st, Pacific Community Ventures (PCV) released its Good Jobs Recap for the month of August. Key topics include an updates on wages and the demographic distribution of employment opportunities in the US manufacturing sector. PCV also cites a report by Walmart and the Boston Consulting Group that proposes solutions to adressing the job shortage and skills gap in the manufacturing industry. CDVCA is an equity investor in one of Pacific Community Ventures' funds, PCVIP III. To view PCV's Monthly Good Jobs Recap, click here.

Novogradac NMTC Working Group submits recommendations to Senate Committee

September 18, 2017  |   CDVCA Ventures Blog   |     |   Comments Off on Novogradac NMTC Working Group submits recommendations to Senate Committee

In line with its efforts to address regulatory and administrative issues of the New Markets Tax Credit (NMTC) program, the Novogradac NMTC Group submitted recommendations to the Senate Finance Committee last August 2017. Among its recommendations were obtaining permanency for the NMTC program, increasing the program's annual credit authority, and modifying the recapture rules to enable greater efficiency. For full details, read the article here.

Innovate fund Incubator Lab wins big in Worlds Largest Business Competition

November 18, 2015  |   CDVCA Ventures Blog,Member News   |     |   Comments Off on Innovate fund Incubator Lab wins big in Worlds Largest Business Competition

On October 29th 2015, two Innovate fund investments were named winners of the World's Largest Business Idea Competition, "43North", in which $5mm is awarded to 11 businesses as $250K-$1M investments along with business support. The business support ranges from mentoring advice from seasoned professionals in related fields, free incubator space in Buffalo for a year, as well as access to programs like the Start-Up NY program of tax-free zones. As an extra boost for the area, the contest gets 5% ownership in the companies, and they have to remain in Buffalo for the year of the contest. This means that even if the companies leave after their year of residency, the area will benefit. The competition operates through the support of the New York Power Authority is part of Governor Cuomo's Buffalo Bill initiative and drew 11,000 applications from 117 countries and all 50 states. The winning companies both belong to Z80 technology incubator lab, an Innovate fund investment. Based in Buffalo New York, the lab provides entrepreneurs the ability to build new and innovative tech companies in Buffalo. Two of the labs start-ups emerged as winners from the 43 North competition. CoachMePlus, a sports training data tracker, walked away with $250K while ACV Auctions,  an app that allows car dealers to sell vehicles in 20-minute online auctions, took top prize of $1M.

Bridges Ventures Investment Goes Public

November 11, 2015  |   CDVCA Ventures Blog,Member News   |     |   Comments Off on Bridges Ventures Investment Goes Public

On Monday November 9th, The Gym Group, a portfolio company of Bridges Ventures Sustainable Growth Fund II (Bridges II), made an initial public offering of its stock on the London Stock Exchange, at a valuation of £250million. The Gym’s shares rose to 204¼p on its first day of trading, or 5% above the 195p issuance price. Bridges Ventures is a long-time member of CDVCA, and the CDVCA Central Fund was an early investor in Bridges II. All told, Bridges II has committed £17.5 million to The Gym Group, across multiple financing rounds. As part of this public offering, Bridges II sold about a third of its stake, retaining a 14% shareholding in the company. Based on Monday’s offer price, the fund’s investment in The Gym is currently valued at 5.8x cost. The Gym Group – which was co-founded by Bridges alongside CEO John Treharne in 2007 – pioneered the low-cost gym concept in the UK. Offering flexible, affordable gym memberships, with two-thirds of its sites in economically challenged areas, it provides accessible exercise facilities (and jobs) to an under-served demographic. After opening its first location in Hounslow in 2008, it added 20 new locations within its first three years of operation; today it has 66 locations and over 363,000 members, a third of whom have never been members of a gym before.Between 2012 and 2014, the company’s revenue increased from £22.3m to £45.5m – a compound annual growth rate of 43% – while adjusted EBITDA more than doubled to £16.7m. The Gym has raised £90m from the float: it plans to use £75m to pay down debt and the remainder to fund expansion. The company, which is now the only fitness chain listed on ...