In 2022, a sizeable fundraising has made the biggest headlines in the local startup scene. Also, many new companies launched, expanded and grew their programs during the year.
In 2022, several locally-based companies have completed or initiated notable funding rounds.
TemperPack Technologies announced that it has closed a $140 million funding round in early 2022. That’s almost double what the packaging company, founded in 2015, had previously raised through investors.
Phlow Corp. has raised $24.2 million as of early September, surpassing its goal of $50 million. This pharmaceutical company was founded by Frank Gupton and Eric Edwards in his 2020 and is a player in the Alliance to Build Better Healthcare.
Fringe, a marketplace for employee benefits, and Qnovia, which develops nicotine replacement products like inhalers, have both completed $17 million in funding in 2022.
Naborforce, an Uber-like service that pairs contractors with seniors who need dating and household assistance, announced a $9 million funding round in August.
Tutoring firm Pearl, formerly known as Trilogy Mentors, has completed a $4.8 million capital raise in 2022.
new entrepreneur program
Incubators, accelerators, and other resources are available for those looking to grow their business idea. In 2022, several of these business development groups have grown of their own.
A local nonprofit, the JWC Foundation, has introduced a new accelerator program for black entrepreneurs called Community Business Academy. This nonprofit was founded in his 2022 by the founder of business incubator Jackson Ward Collective. It is affiliated with a non-profit organization as well as the Community Business Academy.
Activation Capital, which supports entrepreneurship and start-ups in the region through initiatives, will launch a pilot business development program for minority tech entrepreneurs in 2022.
Bon Secours announced in the spring that it will award grants to several Manchester businesses as part of its East End Entrepreneurship Development (SEED) programme. The expansion of funding to Manchester businesses was the first for the Small Business Grant Program, which was originally set up in 2011 to support Church His Hill businesses.
Expansion and Launch
Several young companies in the Richmond area have expanded by offering new services or entered new markets in 2022.
Beauty product LipLoveLine is entering brick-and-mortar stores for the first time in an expansion to more online retailers.
Two start-up food companies added to product line in 2022. Gratisfied has introduced a baking mix version of the Empower Snackbar. Kim Baker Foods has added lentil-based brownies to its lineup.
Kristin Richardson launched Sherah, a personal assistant service for working moms, in September.
2022 will also see two new healthcare companies: Synergy Healthcare (founded by Will Saunders), which provides home healthcare, and Remission Medical, a rheumatic condition-focused telemedicine business founded by Blake Wehman. was launched.
Absurd Snacks, a snack company founded by students at the University of Richmond, brought the product to market in early 2022 after being developed as part of a college course.