The Mid-Atlantic Venture Association is shutting down this week after more than three decades connecting investors and companies in Greater Washington.
The closure comes as the venture capital industry has become increasingly national in outlook and in-person networking has been more difficult to sustain during pandemic years. Sponsorship revenue from large-scale events — like MAVA’s signature Capital Connection pitch event that it held for more than two decades or its more recent annual tech conference, Surge — have withered and the membership-owned nonprofit has decided it’s time to close its doors.
“What’s happened is it’s more difficult now for their model,” said JMI Equity General Partner Bob Nye, a board member for MAVA, pointing to the decrease in in-person events and less of a geographic focus industrywide. “There are fewer investment firms — venture capital and growth equity — based in the Mid-Atlantic than there were years ago.”
MAVA’s leadership…
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