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VIPC’s Virginia Venture Partners Invests in Novela to Simplify the Wedding Planning Process for Couples
News provided byEIN Presswire
Jun 06, 2023, 10:00 AM ET
Company streamlines the wedding planning process with the world’s first transactional marketplace for wedding vendors
RICHMOND, VIRGINIA, UNITED STATES, June 6, 2023/EINPresswire.com/ -- Virginia Venture Partners, the equity investment program of Virginia Innovation Partnership Corporation (VIPC), today announced an investment in Novela. Charlottesville, Va.-based Novela is a marketplace serving the wedding industry that helps couples design their wedding, book their vendors, and pay for their wedding all in one place. Since the previous investment, Novela has launched in the Charlottesville market and staffed up its product and marketing teams for continued expansion. Novela will be using this investment to launch in two new markets, roll out additional transactions and financing capabilities, and continue to grow brand awareness and venue and vendor partnerships.
The wedding planning process can be tedious and expensive, leading couples to feel frustrated due to the lack of pricing and availability information from vendors, the complexity of the planning process, and the high cost of paying for a wedding. Additionally, vendors often struggle to find profitable advertising channels, and don’t currently have any ‘pay for results’ marketing options. Novela’s innovative transactional marketplace solves both couples’ and vendors’ needs, by bringing information transparency and streamlined wedding planning to couples, and a success-based business model to the wedding industry for vendors.
“A wedding is a major celebratory milestone for couples and families, but the process of actually planning a wedding can be unnecessarily challenging and stressful,” said Adam Healey, Novela’s Founder & CEO. “Novela is working to reinvent the wedding planning experience and simplify the process for both the couples and vendors. We are extremely thankful to VIPC’s Virginia Venture Partners for their ongoing support as we continue to grow and transform the wedding industry for the better.”
With fully customizable collection options, couples can design their wedding their way, bringing together pre-vetted vendors and streamlining all their vendor payments into one monthly 0% APR payment. Novela’s wedding concierge team is there to help couples every step of the way with wedding design, curated vendor recommendations, and ongoing concierge planning support. Novela is unique in offering couples a complimentary concierge service and payment and financing support all in one platform.
“Novela has differentiated itself from other wedding marketplace offerings by responding to demands from couples seeking a modern and frictionless wedding planning experience,” says Alex Euler, Senior Investment Director at Virginia Venture Partners.
VIPC’s investment in Novela draws upon funds made available through the U.S. Treasury Department State Small Business Credit Initiative (SSBCI) Program.
Novela supports couples through one of life's most important milestones while helping small business owners thrive in the wedding industry. Our mission is to help couples celebrate their union as harmoniously and gracefully as possible, while helping wedding vendors simplify and streamline their client acquisition processes. To learn more, visit http://www.novelaweddings.com.
About Virginia Venture Partners Virginia Venture Partners, is the equity investment program of VIPC that makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, Virginia Venture Partners has deployed $41.8 million in capital across more than 275 portfolio companies, including 17 companies in designated Opportunity Zones. Virginia Venture Partners’ investment decisions are guided by the Virginia Venture Partners Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.virginiaipc.org/vvp.
About Virginia Innovation Partnership Corporation (VIPC) VIPC: Connecting innovators with opportunities | As the nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA), VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia's innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates with local, regional, state, and federal partners to support the expansion and diversification of Virginia’s economy.
Programs include: Virginia Venture Partners (VVP) | VVP Fund of Funds (SSBCI) | Virginia Founders Fund (VFF) |Commonwealth Commercialization Fund (CCF) | Petersburg Founders Fund (PFF) | Smart Communities | The Virginia Smart Community Testbed | The Virginia Unmanned Systems Center | Virginia Advanced Air Mobility Alliance (VAAMA) | The Public Safety Innovation Center |Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Facebook, Twitter, and LinkedIn.
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