The Center for Innovative Technology (CIT), a nonprofit corporation based in the Commonwealth of Virginia, announced its investment in WealthForge Holdings Inc. No financial details were disclosed but the investment was made through its private equity arm, CIT GAP Funds. CIT GAP provides near-equity and equity investments to clean technology, life science and high-growth technology firms based in Virginia.
WealthForge is a social networking site that enables early stage companies raise money for their business. Their integrated platform provides such services as due diligence, proper solicitation, anti-money laundering, and payment processing, among others. As a result, their service aggregates a major portion of online private placements. It is registered with the Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Administration (FINRA).
WealthForge Founder and CEO Mat Dellorso said they are looking forward to more growth. "Our company will continue to grow with the support from CIT GAP Funds. The investment will help us toward our goal of becoming the 'provider's provider' to this emerging market," he said.
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