Activation Capital plans new innovation center in Richmond
Richmond’s Activation Capital plans to break ground on a 102,000-square-foot innovation center later this year. The facility will serve as a hub for biotech innovation across region.
Last year, Activation Capital and the Alliance for Building Better Medicine were awarded a $52 million grant from the federal government through the Build Back Better Regional Challenge. Local and private investments added $14 million. The goal is to create a pharmaceutical manufacturing cluster in the region.
Chandra Briggman, president and CEO of Activation Capital, said the grant included $16.5 million to design and build the first phase of an innovation hub. The project will contain office and lab space and house several startups. Activation Capital added a $4 million match, but additional money will be required to complete the project. Briggman said the “money is in the pipeline” but did not state the source of the funds.
“The idea of it is to be an ecosystem in one building,” Briggman…
Read the full story from the Washington Business Journal.