Greater Richmond Partnership raises $850,000
The Greater Richmond Partnership said Monday that it has achieved a private sector fundraising goal of $750,000, attracting 117 investors who committed funding that exceeded the goal by $100,000.
It was the regional economic development organization’s first fund drive in five years. “Five years ago, the private sector was less prepared to invest in the partnership because we were in the Great Recession. Now that we’re on stable economic ground, it’s easier for businesses to commit to our mission and vision,” Greg Wingfield, president and CEO of the economic development group, said in a statement.
At the beginning of the year, the partnership created its first investor relations program. It also added a staff member to manage the program. In October, the partnership received its 501(c)(3) tax except status, which gives it additional flexibility to raise funds.
“We’re proud to say that many of the companies we’ve assisted with projects in the past have seen our value first-hand and invested this year,” said Kästle Aschliman, investor relations manager.
The organization has plans for the extra funding, including expanding current marketing opportunities. The partnership has added three marketing missions to its travel schedule, hosted two events for its local lead generating allies, and is planning a series of investor roundtables to engage their local ambassadors.
“Our schedule stays busy, and now that we’ve exceeded our funding goal, we can further expand our reach into other markets and attract high-paying jobs to the Richmond region,” said Wingfield. “We couldn’t attract companies like Stone Brewing and Shandong Tranlin Paper Company without private sector support.”
The majority of the partnership’s funding is contributed by the public sector, including the city of Richmond and counties of Chesterfield, Hanover and Henrico.