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Monday 27 July, 2009

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Advantage Capital Partners Provides Funding for...

Advantage Capital Partners Provides Funding for $100,000 D.C. Business Plan Competition

Affinity Lab presented check at D.C. Small Business Awards event

PR Newswire




WASHINGTON, July 27 /PRNewswire/ -- Advantage Capital Partners, a leading venture capital and small business finance firm, along with New York-based Enhanced Capital Partners, presented a check representing a $100,000 investment to Affinity Lab at the Washington, D.C. Economic Partnership’s PremierPlan business plan competition awards ceremony, at the Willard Hotel in Washington.  Advantage Capital and Enhanced Capital are both active investors in the Washington, D.C. CAPCO program, and provided funding for the business plan competition to showcase local entrepreneurs.


“Advantage Capital is committed to growing small businesses in the District, and we congratulate Affinity Lab for its excellent winning business plan,” said Doug Beekman, Advantage Capital’s investment manager for the District. “We look forward to watching this exciting and innovative company grow in the future.”


Founded in 2001, Affinity Lab is an urban business cooperative, which allows small businesses, start-ups and non-profits to share operating needs, services and office space through different levels of membership. According to the Washington, D.C. Economic Partnership, their unique business concept stood out because they capture what is happening now in the incubation of small businesses.


Over 40 D.C. businesses participated in a two month qualifying process for the small business plan competition, which was also sponsored by the D.C. Coalition for Capital. Of the 40 original participants, four local businesses were selected as finalists for the oral presentation competition.  Each finalist pitched their business plan before a panel of 20 judges, which included venture capitalists, business owners, elected officials, educators and others.


Affinity Lab, which calls itself an “entrepreneurial launch platform,” will use the prize proceeds to expand its operations. “This competition and our first place finish came at a great time for our company. The investment will go towards bringing work space, business tools and a collaborative culture to 70 new start-ups,” said Philippe Chetrit, (Chief Operating Officer) of Affinity Lab. “We are grateful and honored to be recognized for this award.”  Affinity Lab hopes to open its second location in the fall. www.affinitylab.com


About Advantage Capital Partners

Advantage Capital Partners (www.advantagecap.com) is a leading venture capital and small business finance firm focused on early stage companies and other investments supporting state and local economic development efforts. With offices and partners in Washington, D.C., St. Louis, New Orleans and other U.S. cities, Advantage has raised more than $1 billion since 1992 and invested in companies located in geographic areas underserved by traditional venture capital.




SOURCE Advantage Capital Partners


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