Fairfax County’s Board of Supervisors approved today a $1 million investment in Reston-based Refraction’s expansion, which plans to add 800 jobs in the next five years.
In addition to the new tech jobs, the investment is anticipated to go toward training 2,500 workers and eventually lead to $200 million in new capital investment over the next five years.
The funding will also support Refraction’s apprenticeship program under development with the Northern Virginia Community College to train workers for startups and high-growth companies, along with assisting Refraction’s move to a larger space in Reston.
The board approved the use of the economic development funds at its Nov. 20 meeting. Under its agreement with the county, Refraction must report its financial results and success metrics annually.
Founded in 2014, Refraction (11911 Freedom Drive, Suite 850) is a coworking community for startups and high-growth companies. Located at Reston Town Center, the “innovation hub” provides educational programs, along with networking and mentoring events.
The Refraction community has had more than 100 companies who have collectively raised $126 million in capital, according to a Refraction press release.
Fairfax County Chairman Sharon Bulova said the expansion will stimulate the local economy.
“As a county, we’re making strategic investments that help to support and grow our region’s innovation ecosystem, such as offering tech startups access to entrepreneurial expertise so they can scale their businesses,” she said.
Refraction will also partner with the county’s chief equity officer and public schools to train girls and students from underrepresented and economically disadvantaged communities on entrepreneurship skills — a partnership that supports the social and racial equity policy, One Fairfax.
County officials have said that a focus on women and minorities is especially important as the tech industry increases diversity in its workforce.
IT services firm 1901 Group announced last Thursday (Nov. 15) that it will bring 225 more jobs to Reston in the next three years as part of a $4 million expansion.
Photo via Refraction/Facebook