(Washington, DC) – Today, Mayor Muriel Bowser and the Office of the Deputy Mayor for Planning and Economic Development (DMPED) cut the ribbon on the new headquarters for Virtru, an innovative cybersecurity company and the District’s first Vitality Fund awardee. Created through a $10 million investment by Mayor Bowser, the Vitality Fund is a multi-year, performance-based incentive program designed to support companies in target industries that are actively planning to relocate, expand, or retain their physical location in Washington, DC.
“We’re proud to have incredible companies like Virtru that are choosing to grow and expand right here in the Capital of Innovation,” said Mayor Bowser. “At the heart of DC’s comeback is how we bring people back together – to live, work, and play. And we’re using every tool at our disposal, including the Vitality Fund, to attract and support employers that will help us bring the people, fill the space, and create a thriving Downtown DC.”
The Vitality Fund, DMPED’s business attraction, retention, and expansion tool, was key in influencing Virtru Corporation, a global leader in data-centric security and privacy founded by two brothers who grew up in Washington, DC, to stay and grow in DC. The HUB, Virtru’s new headquarters, will occupy over 17,000 square feet and serve as Virtru’s center for innovation, multi-modal training, and forward-looking creativity, benefitting the company’s customers, partners, and the greater Washington, DC community.
“The Vitality Fund is a critical tool as we pursue our goals to revitalize Downtown DC and bring 35,000 new jobs in high-growth sectors,” said Interim Deputy Mayor for Planning and Economic Development Keith Anderson. “We are thrilled that Virtru is the first company to take advantage of our business incentive program, creating new high-wage jobs and opportunities for DC residents and helping to keep our downtown vibrant.”
Virtru was founded in 2012 by John and Will Ackerly. As part of the company’s relocation to downtown DC, Virtru expects to grow its local workforce to more than 190 employees over the next five years. During that time, DMPED, in collaboration with the Washington DC Economic Partnership (WDCEP) will continue to support Virtru and its growth within the District.
“Washington, D.C. serves as a financial, political, and innovation epicenter – there is no greater place for Virtru to continue to grow and scale,” said John Ackerly, Co-founder and CEO of Virtru. “Innovation has always been at the heart of Virtru’s mission, and The HUB builds on this commitment. We designed a space that can uniquely function as a collaboration center for the District’s thriving cybersecurity community. Cybersecurity is a team sport: We need to bring many partners and customers to the table, and we look forward to facilitating those conversations across the private and public sectors.”
To be eligible for the Vitality Fund, companies must:
- Have at least 25 employees;
- Agree to lease or own at least 7,000 square feet for a minimum of five years;
- Do business in an eligible target industry; and
- Be actively considering relocating or expanding its office in DC.
Companies that receive an award from the Vitality Fund must also commit to having their employees on-site at least 50% of the time; provide workforce development programs or commit to local contracting; and comply with all relevant District laws.
Another Vitality Fund participant expanding its footprint in DC is Quadrant Strategies, a DC-based market research firm, which will expand into a new leased space and create new jobs in Ward 3. Through the Vitality Fund, Quadrant Strategies and Virtru will create an estimated 275 new jobs, lease 33,000 square feet, and invest $6 million in their office spaces. The projects are expected to generate $1.8 million in tax revenue for the District.
Businesses considering relocation or expansion should visit obviouslydc.com/vitalityfund for more information about the Vitality Fund. Information about DC’s Comeback Plan can be found at comeback.dc.gov.
To learn more about resources and funding to support DC small businesses, visit obviouslydc.com.
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