The Washington DC based Zoobean was beyond thrilled to get a $250,000 investment from Mark Cuban on last Friday’s episode of Shark Tank, but they weren’t ready to slow down. As reported by Bill Flook of the Washington Business Journal, Zoobean today announced a $400,000 investment from the Center for Innovative Technology (CIT) GAP Funds.
“We will use the investment from CIT GAP Funds to increase marketing and continue product development” says Zoobean CEO Felix Brandon Lloyd.
The CIT GAP Funds is a family of seed and early stage investment funds placing near equity and equity investments in Virginia based technology, life science, and clean tech companies. They officially launched in 2005 and have since invested in over 100 companies across Virginia.
“Our investment in Zoobean reflects our confidence in their team, product and passion to innovate childhood education. This is one more solid investment that is filling a growing demand of innovative entrepreneurs who are addressing societal challenges,” says CIT CEO and President Pete Jobse.