- Venture capital firm SineWave’s “VentureHub” to bring venture capital, startups, tech firms under one roof
- County will offer up to $250,000 in performance-based incentives
- Expected to create 391 technology jobs over five years
The Arlington County Board today approved performance-based incentives that will enable venture capital firm SineWave to expand its Crystal City operation and create an innovative “VentureHub.” The hub is expected to expand investment and create 391 new jobs over the next five years in Arlington. The Board approved providing up to $250,000 in performance-based incentive grants over that five-year period.
“This innovative expansion is designed to bring new synergies to Arlington’s expanding technology community,” said Jay Fisette, Chair of the Arlington County Board. “It is our hope that Sinewave will further advance Arlington’s growing reputation as a place that attracts and supports start-up companies.”
The Board voted 5 to 0 to approve the incentives agreement with SineWave Ventures, LLC. To read the staff report on this item, visit the County website. Scroll down to Item No. 13 on the Agenda for the March 18 Regular County Board Meeting.
First in region
SineWave’s VentureHub will be a first-of-its-kind effort in the region to bring together venture funds, startups and corporate technology firms under one roof for true collaboration to expand and grow Arlington’s technology ecosystem and minimize the need for companies to leave the area in order to find investors. The VentureHub, will open in 2231 Crystal Drive, designed by landlord Vornado as new “Scale Up” spaces for fast-growing companies.
“Entrepreneurs need venture capital to grow,” said Victor Hoskins, director of Arlington Economic Development. “We believe this new VentureHub from SineWave will bring VCs and companies from all around the region to Arlington to grow and succeed.”
As part of its commitment, SineWave’s VentureHub companies will expand the company’s existing space from 5,000 square feet occupancy in Crystal City to at least 10,000 square feet within five years. In addition to the space occupancy, SineWave agrees to bring 391 jobs – through VCs, startups and corporate tech firms all working in the collaborative VentureHub. Arlington County performance-based IDA grants will be disbursed upon meeting these performance goals.
Arlington Economic Development
Arlington Economic Development (AED), part of Arlington County Government, is dedicated to the preservation and enhancement of an economically competitive and sustainable community, and the creation of exciting, diverse and amenity-rich places. AED provides visionary leadership and superior services to Arlington’s business and arts community, its tourism industry and its real estate development. For more information, visit arlingtoneconomicdevelopment.com.