Virginia Venture Partners (VVP)

VVP Launch Note

Offers Virginia startups a VVP Launch Note to convert into equity during later financing rounds.

The VVP Launch Note is a convertible note instrument of up to $150,000 offered by the Virginia Innovation Partnership Corporation (VIPC) through its Virginia Venture Partners (VVP) programme. Unlike the Launch Grant, this is a dilutive financing instrument structured as an uncapped convertible note with a 20% discount and 4% annual interest. It targets Virginia technology startups that are at the pre-MVP to early-MVP stage and have begun demonstrating market traction, with annual recurring revenue below $200,000 ARR. Applications are accepted and reviewed on a rolling basis with no cycle deadlines.

Applicants must secure a 2:1 match — meaning for every dollar received through the Launch Note, the company must close two dollars in additional capital within 90 days of receiving the award. VIPC's eligible sectors mirror the broader VVP programme: technology, cybersecurity, life sciences, energy, and aerospace startups headquartered in Virginia. The Launch Note is positioned as a bridge between the Launch Grant (pre-revenue) and the Pre-Seed Fund (MVP with early customer traction), giving startups approaching their first traction milestone an additional capital option.

Because the note is uncapped, the conversion terms are founder-friendly relative to capped instruments at early stages, though the 2:1 match closes within 90 days requirement demands active fundraising in parallel. Startups should only apply if they have a credible near-term raise underway or committed lead investor interest. Revenue must remain below $200,000 ARR; companies above that threshold should consider the VVP Pre-Seed Fund. Contact launch@virginiaipc.org for programme inquiries before submitting.