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Mayor Bowser Announces $5 Million in Funding to Accelerate Startups and Grow the District’s Tech Economy, Releases State of DC Tech Report
Awards and investments will support 112 startups, launch five life sciences companies, and establish six accelerator cohorts
(Washington, DC) – Today, at an event celebrating the 11th annual DC Startup and Tech Week, Mayor Muriel Bowser announced more than $5 million in funds to grow the District’s technology economy and accelerate DC startups. The awards and investments will support six new startup accelerator cohorts and launch five new companies.
“To grow our economy, we must invest in the people and businesses creating good-paying jobs for DC residents,” said Mayor Bowser. “Through our economic Growth Agenda, we committed to diversifying our economy, expanding access to capital, and strengthening industries where DC has a competitive advantage. Investing in DC’s startup and technology ecosystem will help turn great ideas into successful businesses, attract private investment, and create more opportunities for DC residents.”
Established in 2026 as part of Mayor Bowser’s Growth Agenda, the $2 million Technology Ecosystem Fund supports incubators, accelerators, and entrepreneurial programs that help early-stage companies start, grow, and scale in DC. The inaugural Technology Ecosystem Fund Awards were granted to three companies in high-growth industries:
- New Majority Ventures | $600,000: Led by Melissa Bradley, New Majority Ventures will operate two accelerator cohorts supporting 55 DC-based companies. The program will connect diverse founders with mentorship, business development resources, and networks needed to grow their businesses.
- SOAR Bio, LLC | $600,000: SOAR Bio will expand its venture studio at the Children’s National Research and Innovation Campus, supporting the incubation and launch of five DC-based life sciences companies. Funding will also support training for life sciences executives and researchers and partnerships with local universities to commercialize emerging technologies.
- Plug and Play | $800,000: Plug and Play will operate four accelerator cohorts over two years, each focused on a priority technology sector and providing support to 40 companies. Participating companies will receive free office space in the Golden Triangle Business Improvement District and access to a global network of advisors and investors.
“These awards represent the targeted investments we are making to strengthen DC’s economic competitiveness,” said Deputy Mayor for Planning and Economic Development Nina Albert. “By connecting entrepreneurs with capital, supporting the commercialization of research, and helping promising companies grow, we are building a more diverse and resilient economy that creates jobs and opportunities for DC residents.”
Mayor Bowser also announced seven investments made through the $26 million DC Venture Capital Fund, established to expand access to early-stage financing and leverage additional investment in DC-based companies. The DC Venture Capital Fund investments are matched at a minimum of dollar-for-dollar with private capital, bringing the fund’s total impact to $52 million for investment into DC startups. The investments announced today total $3,150,000 and were made to companies in artificial intelligence, cybersecurity, aerospace, and energy. The investments are part of the Bowser Administration’s strategy to attract private capital, support innovative businesses, and strengthen DC’s position in emerging technology industries.
State of DC Tech Report
Mayor Bowser also released the State of DC Tech 2026 report, which highlights the District’s technology economy and opportunities for continued growth. Some key findings include:
- 51,000 technology jobs, projected to grow 7.9% through 2028
- More than 15,000 technology companies across emerging industries
- $426 million in life sciences venture capital raised in 2025
The report details the District’s competitive advantages in talent, research, federal partnerships, and access to capital, reinforcing the Bowser Administration’s commitment to making the District a leading destination for technology companies and entrepreneurs.
To view the full report, visit dmped.dc.gov/page/state-dc-tech-2026.
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Last updated: 1:45 PM EDT October 19, 2026
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