News

Private Equity startup about to seal first deal

Local startup Boxwood Partners is putting the finishing touches on its first deal as a private equity fund. Boxwood is acquiring an out-of-state internet wholesaler/distributor (name not revealed) that can perhaps best be described as an online version of Sam’s Club. That web-based business has millions of dollars in revenue and six employees, according to… Read more »

A Richmond startup tries to cut health care costs

A Richmond startup thinks there’s a market for treating health care more like car repairs – encouraging employees to pay out-of-pocket for routine tune-ups and letting insurance cover the accidents and emergencies. Hoping to implement this style of health care on a broader scale, nHealth recently raised $12 million, with most of that money coming… Read more »

$25 gas card for out-of-town visitors

Drive to Richmond. Stay in a hotel for two nights. Get a $25 gas card. That’s the pitch of an ad currently running in Roanoke, Washington D.C. and Hampton Roads. The Richmond Metropolitan Convention & Visitor’s Bureau, which promotes the Richmond region as a tourist destination, is paying for the spots. The ads link to… Read more »

Computer meltdown at CarMax

CarMax had a computer systems meltdown earlier this week, according to an AP story and a source at the company. “Spokeswoman Trina Lee says computer systems for the Richmond-based company experienced a temporary hardware failure that started Monday night. The problem was nearly 100 percent resolved by Tuesday afternoon and CarMax was able to sell… Read more »

Venture Forum starts mentoring program

The Venture Forum has launched a mentoring program, which will pair veteran CEOs of growth businesses with their less experienced counterparts for two hours of mentoring each month. The Venture Forum promotes entrepreneurial activity around Central Virginia. The application form can be found here. “You can give a lot of good advice to someone in… Read more »

WWUD: What Would Umesh Do?

Umesh Dalal has a penchant for finding ways to save money – big money –that would make major corporations green with envy. Since moving to Richmond more than two years ago to take over the City Auditor’s chair, Dalal has released dozens of reports. An audit of the school system found ways to save upwards… Read more »

How do you say Shalom with a Richmond accent

Eight Israeli life science startups will establish their worldwide headquarters in Richmond. “This is clinical and scientific economic development,” said Donna Edmonds, the head of the nascent Virginia Biosciences Commercialization Center (VBCC), an off-shoot of the Virginia BioTechnology Research Park that helped lure the companies to town.

CEO Tube

Randy Copeland, CEO of the high-end computer manufacturer Velocity Micro, doesn’t take himself too seriously. When Velocity marketing associate Josh Covington sat Copeland in a green leather chair, handed him a pipe and yelled, “Action!”, Copeland played along, deadpanning into the camera, “Hello friend, I didn’t see you there.” “Yeah, that was my idea,” Covington… Read more »

A business workout

This is where Rocky would train if he was from Richmond instead of Philly. No fancy, Drago-style Nautilus machines. No ab-flex roller bought from a TV special. No bikes for spinning class, no bench press, no mirrors. CrossFit RVA just opened in a 1,200-square-foot warehouse off Seventh Avenue just east of downtown (near the jail)…. Read more »

Eat your own cooking says local hedge fund

Sometimes there’s a nugget of wisdom in even the corniest business cliché. Take “Eat your own cooking.” If a chef won’t touch the clam chowder, most likely the patron should lay off, too. (Insert gross restaurant tale here). But the idea behind the saying applies to most any small business. Using your service or product… Read more »