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