Together with seven venture capital fund managers, the Virginia Innovation Partnership Corp. plans to invest $100 million in 100 firms located in Virginia.

VIPC will use funds already provided by the U.S. Treasury Department’s State Small Business Credit Initiative to contribute $40 million to the seven funds through the arrangement, named Virginia Invests and unveiled by Governor Glenn Youngkin. According to the sources, Virginia has been approved to receive up to $230 million from the SSBCI program, of which about $173 million will go to VIPC.

“The lifeline of a high-growth, entrepreneurial ecosystem is the ability to tap into capital,” Youngkin said. “And that’s exactly what Virginia Invests is all about. How do we accelerate growth? How do we amplify good ideas? How do we unleash opportunity by bringing together people who want to invest in all of this and people who need the money to make it go?”

An additional $60 million has been promised by the finance firms, who will choose which of the 100 high-growth startups to invest in over the following three to five years. According to the contract, companies without a Virginia headquarters must provide 1.5 times the funds they get, while companies with a Virginia headquarters must match funds 1:1, Youngkin said.

AIN Ventures’ Academy Investor Network, a syndicate of alumni from the five U.S. military service academies, will now be available to startup founders. The network invests alongside AIN and helps with deal sourcing, vetting and post-investment support.

The Virginia Innovation Partnership Authority’s non-profit operations division is called VIPC. It offers financial help and strategic marketing to tech firms situated in Virginia.