6 days ago
A pitch competition returns after more than a decade with a $1M prize
A venture firm and a local economic development group are teaming up to host a weeklong summit for founders and investors this fall in Northern Virginia.
Fortify Ventures, which invests in early-stage startups, is renting out a Leesburg resort with the Loudoun County Department of Economic Development to put on keynotes, panels, networking events and a pitch competition with a $1 million prize.
This isn't the first iteration of the event, known as Distilled Intelligence. Fortify Ventures held two conferences like this one, plus two daylong events, during the deployment of its first fund between 2011 and 2014. Fortify Ventures launched its second fund at the end of 2024, which inspired the resurgence of the event, per Jonathon Perrelli, the firm's managing partner.
'[This] event energized startups and investors,' Perrelli wrote to in a statement, 'and DI was where we found our initial portfolio companies.'
The first Distilled Intelligence event in 2011 granted $25,000 to 55 startups. In 2012, startups competed for $100,000.
Perrelli said that Loudoun County Economic Development was that inaugural event's initial sponsor. The government agency is committing $200,000 to put on the event, he said.
The Lansdowne Resort will get bought out between Oct. 13 and 16. Distilled Intelligence as a whole will cost several hundred thousand dollars to put on, although Perrelli declined to give specific numbers.
'Loudoun County is honored to co-host DI 3.0, an event perfectly aligned with our mission of driving innovation and economic growth,' said Buddy Rizer, the executive director of Loudoun County Economic Development, in a press release. 'Our region continues to attract dynamic entrepreneurs and influential investors, and DI 3.0 exemplifies the spirit of innovation and strategic growth Loudoun County stands for.'
Seed-stage and Series A startups are encouraged to apply. Founders of the 100 firms selected to pitch will have a complimentary stay, while tickets for investors will be $799, with additional costs for the resort stay and golf. Tickets for the media cost $99 — a rarity, press passes for events typically do not cost money.
The deadline to apply for the competition is Aug. 15.
The winning company will nab the $1 million in the form of a SAFE note, which gives the investor the right to purchase equity in the company at a later date. It's a way for startups to get funding without setting an immediate valuation.
Perrelli is looking to feature companies from several industries, including cybersecurity, defense, energy and fintech. It's open to startups across the US, but he noted he expects 'significant representation' of startups in the DMV.
He recommends that companies applying show the strengths of their team, outline the size and growth potential of their market, and give details about traction.
