Money Moves is a column where we chart the funding raises of tech companies across the region. Have a tip? Email us at [email protected].
The SBA has a fresh $4 million
The US Small Business Administration (SBA), which is based in DC, has a new $4.1 million available for startups, nonprofits and more.
Up to $400,000 will be available to 12 selectees, which can be private organizations, colleges and universities, private-sector companies, nonprofits, and state, local or tribal government agencies, the agency announced last week. The funds must be put toward training and counseling for aspiring or current veteran small biz owners as a Veterans Business Outreach Center (VBOC).
The program is open to organizations in Alaska, Central California, Colorado, Kentucky, Nebraska, Iowa, Nevada, Oklahoma, Arkansas, Ohio, Pennsylvania, Puerto Rico, South Carolina and South Florida. The awards are designed for a base project period of 12 months with four 12-month option periods beginning in May of next year.
“This expansion will grow the VBOC program from 22 to 34 locations nationwide and assist in supporting veteran small business owners in all U.S. states and territories,” said Larry Stubblefield, associate administrator for the SBA’s Office of Veterans Business Development, in a statement. “The additional locations aim to enhance the experience for veteran small business owners by reducing appointment wait times, increasing local presence, providing additional local training opportunities, meeting the needs of Boots to Business participants, and ensuring that all VBOCs have the necessary resources to perform required counseling and training functions.”
CoolR Group raised $10 million
Chantilly, Virginia-based CoolR Group just raised $10 million in funds, the company announced Friday, in a round led by First Analysis. Moneta Ventures and Remarkable Ventures also took part in the round.
CoolR Group is an internet of things-based, visual AI solutions company for consumer packaged goods brands and retailers. Using cameras, third-party apps and devices, it collects real-time images from refrigerated, frozen and ambient shelves to tell sellers when something is out-of-stock, needs attention or isn’t being executed properly. Customers include soda, ice cream, beer and pet food companies.
With the funds, CoolR said it plans to expand its business reach and invest in research and development.
Exponential Exchange nabbed a $1.4 million pre-seed round
DC-based Exponential Exchange, a fintech startup, has raised $1.4 million in a series of convertible notes.
The company is developing technology and financial instruments designed for new opportunities and risks in the “transportation revolution.” According to Exponential, it uses modernized datasets and data science for risk management products. Its first product is targeted at the risks found in price changes for used vehicles.
“This is a totally new and much-needed approach to asset risk mitigation, for which the current solutions are few, inefficient, and extremely expensive,” said Ryan Naughton, Exponential Exchange CEO, in a statement. “Giving asset holders the ability to transfer their residual value exposure to a willing third party through an established derivatives market represents a critical ability for portfolio-heavy entities. It also closes the gap between auto and other industries like agriculture, energy and manufacturing that have benefitted for decades from the ability to hedge financial exposure through derivatives.”
These companies are also fundraising in the DMV:
Government contracts
This content was originally published here.
