Walker Ventures SBIC Receives $4 million Investment from State of West Virginia
Opens WV Office, Hires Eric Lewis as Executive Director
Glenwood, MD & Shepherdstown, WV - February 3, 2003. Walker Ventures today announced the West Virginia Economic Development Authority's (WVEDA) $4 million investment in Walker Investment Fund II SBIC, LP, a Small Business Investment Corporation licensee under the Small Business Investment Act of 1958, as amended. With the available leverage the WVEDA money provides the fund with $12 million in new capital available for deployment. In addition to the WVEDA investment, the firm has opened an office in Shepherdstown, West Virginia. Eric Lewis has been hired to be the Executive Director of the firm's new operation in West Virginia.
The investment in Walker Investment Fund II SBIC, LP was made possible by legislation proposed by West Virginia Governor Bob Wise, passed into law in January 2002 by the West Virginia Legislature, creating a $25 million pool of capital that West Virginia intends to invest in select venture capital managers. Walker Ventures was one of the first four managers selected to receive this investment. "West Virginia has great potential as a home for technology companies. Venture capital, the right ideas and people are a powerful combination", says Steve Walker, Managing Director of Walker Ventures. "We strongly believe that part of the value of venture capital is the guidance, as well as the cash, for early stage companies. By opening an office in West Virginia, we can be there to support our portfolio companies."
As part of the investment, Walker Ventures SBIC has hired Eric Lewis, formerly CFO of Butterfly.net, Inc. and Ultraprise Corporation, as Executive Director of the West Virginia investment initiatives. In addition to opening and managing the office in Shepherdstown, West Virginia, Mr. Lewis will be traveling the State in search of quality companies. "I'm excited to join the Walker Ventures team and bring their wide ranging experience in the technology sector to bear on the great opportunities in West Virginia. I'll be looking for quality West Virginia companies in which to invest and helping advise and support those portfolio companies long into the future" says Lewis.
Eric Lewis has been involved in hi-tech finance in various capacities since 1997. Serving as the CFO of Butterfly.net, Inc. and Ultraprise Corporation, Mr. Lewis has raised over $33 million in venture capital. In early 2000, Mr. Lewis was named Chairman of the West Virginia Venture Connection by Senator John D. Rockefeller IV (WV). For the past two years, Mr. Lewis has worked to prepare that group for launch, which is expected to occur in early 2003. Previously, Mr. Lewis worked in auditing, tax and business consulting with regional CPA firms Arnett & Foster and Yount, Hyde & Barbour. Mr. Lewis graduated cum laude from Shepherd College with a B.S. in accounting and is a certified public accountant.
"West Virginia is well-positioned to become a leader in the technologies sector, and new companies are increasingly discovering the advantages of having a presence here," said United States Senator Jay Rockefeller (D-WV). "Businesses choosing to locate in West Virginia are finding quality of life, a steadfast workforce, room to grow and an open-door policy with offices like mine," Rockefeller said. "Walker Ventures is a welcome addition to our venture capital community, and Eric Lewis is a great asset in the equation."
About Walker Ventures
Walker Ventures' early-stage venture capital funds,
managed by Steve Walker & Associates, help emerging companies grow and thrive in today's rapidly changing environment through the unique combination of seed capital and operational expertise.
Walker Ventures invests in software and Internet-based technology companies with a sound business concept coupled with leading edge technology, primarily in the Mid-Atlantic region. Walker Ventures currently manages approximately $100 million of capital. Learn more about us by visiting www.walkerventures.com.
For more information, please contact:
Eric Lewis
(304) 876-1570
eric@walkerventures.com
