The Brandefy team at its Henrico warehouse. (BizSense file photos)
Several Richmond-area startups saw notable growth amid the usual hustle and bustle of company launches, pivots and capital raises in the local startup scene during 2023.
Fast-growing startups
Noteworthy in the 2023 installment of BizSense’s annual RVA 25 list of fastest-growing companies was the presence of homegrown startups in the top three slots.
Beauty products company Brandefy took first place in the rankings with a three-year average growth rate of 1,238 percent. The company sells its own line of cosmetic products and also offers an app that allows users to compare cosmetics.
Just a few percentage points behind was AnswersNow, a virtual therapy company that kicked off the year with a $11 million capital raise.
Naborforce rounded out the ranking’s top three. The company, which relocated its headquarters to Scott’s Addition this year, connects seniors with contractors who can provide household assistance and companionship in a service similar to Uber or TaskRabbit.
New concepts and products
Endowment Project co-founders Michael Bor (left) and Chris Bossola.
The year’s crop of new startups that caught the attention of BizSense included concepts helmed by both seasoned founders as well as folks newer to the world of entrepreneurship. Other companies rolled out new offerings or sought to expand their businesses during 2023.
Earlier this year former CarLotz founder Michael Bor and Need Supply Co. founder Chris Bossola unveiled The Endowment Project, which aims to help create and manage nonprofit endowment funds for public high schools.
Former CarLotz COO John Foley also launched a new idea, opening used electric car dealership Recharged in 2023.
Christian Markow and Mark Brown, who co-founded consulting firm Amphibian, announced a new venture called Lost Office Collaborative in Rocketts Landing. The concept is aimed at companies seeking rentable spaces for workshops, team-building exercises and similar events.
Interior designer Lyndee Cabo launched coworking space CoFlow in Union Hill earlier this year.
A couple local mobile bar concepts launched in 2023. Gwarbar bartender Jonah Livingston this year unveiled Aces High Bar Services, a startup that offers a mobile “cocktail lounge” as well as bartending services for events. Kids entertainment company PlayRVA unveiled a modification of its fire truck to allow it to operate as a bar on wheels.
Footwear company Kinis took a step forward in the summer with the creation of a prototype tied to its project to introduce in 2024 an insole product designed to predict the wearer’s risk of falls.
Grace Mittl and Eli Bank of Absurd Snacks
Absurd Snacks, born out of an entrepreneurship course at University of Richmond, introduced a tweaked recipe of its trail mix snacks of roasted chickpeas, fava beans, oats and seeds earlier in 2023. Later in the year, Absurd Snacks began to sell its products in Whole Foods stores.
Fundraising rounds
Pharmaceutical company Phlow Corp. closed on a $36 million raise in early 2023. The company was founded by Eric Edwards and Frank Gupton with the aim to decrease America’s reliance on foreign sources for common medicines.
A pair of local indoor farming companies harvested seven-figure cash hauls during the year. Babylon Micro-Farms, which makes hydroponic growing machines in Scott’s Addition, closed in March on an $8 million raise. Goochland-based indoor farm Greenswell Growers snagged $7 million from investors in April 2023.
Mobius Materials, a Richmond-based company that operates an eBay-like platform for the buying and selling of electronic components, announced in the spring it secured $735,000 in capital funding.
The Brandefy team at its Henrico warehouse. (BizSense file photos)
Several Richmond-area startups saw notable growth amid the usual hustle and bustle of company launches, pivots and capital raises in the local startup scene during 2023.
Fast-growing startups
Noteworthy in the 2023 installment of BizSense’s annual RVA 25 list of fastest-growing companies was the presence of homegrown startups in the top three slots.
Beauty products company Brandefy took first place in the rankings with a three-year average growth rate of 1,238 percent. The company sells its own line of cosmetic products and also offers an app that allows users to compare cosmetics.
Just a few percentage points behind was AnswersNow, a virtual therapy company that kicked off the year with a $11 million capital raise.
Naborforce rounded out the ranking’s top three. The company, which relocated its headquarters to Scott’s Addition this year, connects seniors with contractors who can provide household assistance and companionship in a service similar to Uber or TaskRabbit.
New concepts and products
Endowment Project co-founders Michael Bor (left) and Chris Bossola.
The year’s crop of new startups that caught the attention of BizSense included concepts helmed by both seasoned founders as well as folks newer to the world of entrepreneurship. Other companies rolled out new offerings or sought to expand their businesses during 2023.
Earlier this year former CarLotz founder Michael Bor and Need Supply Co. founder Chris Bossola unveiled The Endowment Project, which aims to help create and manage nonprofit endowment funds for public high schools.
Former CarLotz COO John Foley also launched a new idea, opening used electric car dealership Recharged in 2023.
Christian Markow and Mark Brown, who co-founded consulting firm Amphibian, announced a new venture called Lost Office Collaborative in Rocketts Landing. The concept is aimed at companies seeking rentable spaces for workshops, team-building exercises and similar events.
Interior designer Lyndee Cabo launched coworking space CoFlow in Union Hill earlier this year.
A couple local mobile bar concepts launched in 2023. Gwarbar bartender Jonah Livingston this year unveiled Aces High Bar Services, a startup that offers a mobile “cocktail lounge” as well as bartending services for events. Kids entertainment company PlayRVA unveiled a modification of its fire truck to allow it to operate as a bar on wheels.
Footwear company Kinis took a step forward in the summer with the creation of a prototype tied to its project to introduce in 2024 an insole product designed to predict the wearer’s risk of falls.
Grace Mittl and Eli Bank of Absurd Snacks
Absurd Snacks, born out of an entrepreneurship course at University of Richmond, introduced a tweaked recipe of its trail mix snacks of roasted chickpeas, fava beans, oats and seeds earlier in 2023. Later in the year, Absurd Snacks began to sell its products in Whole Foods stores.
Fundraising rounds
Pharmaceutical company Phlow Corp. closed on a $36 million raise in early 2023. The company was founded by Eric Edwards and Frank Gupton with the aim to decrease America’s reliance on foreign sources for common medicines.
A pair of local indoor farming companies harvested seven-figure cash hauls during the year. Babylon Micro-Farms, which makes hydroponic growing machines in Scott’s Addition, closed in March on an $8 million raise. Goochland-based indoor farm Greenswell Growers snagged $7 million from investors in April 2023.
Mobius Materials, a Richmond-based company that operates an eBay-like platform for the buying and selling of electronic components, announced in the spring it secured $735,000 in capital funding.