NEWS

$550M Target deal flows back to Richmond

A downtown venture capital firm had reason to celebrate last month, as one of its more recent investments hit it big as the target of a nine-figure acquisition.

Shockoe Slip-based Harbert Growth Partners successfully exited its investment in online grocery delivery startup Shipt in December, after it was acquired by retail giant Target for $550 million.

HGP, headquartered at 1210 E. Cary St., was part of a trio of firms that led the funding on two capital-raising rounds for Shipt over the last two years. The first was a $20 million Series A round in summer 2016. A second, $40 million round followed about a year later, six months before closing the Target deal.  Read more at RichmondBizSense.com