ABC receives investment from state’s venture capit
CHARLESTON, W.Va. – The West Virginia office of American Benefit Corporation (ABC) has received a strategic investment from the state’s venture capital fund. The investment by West Virginia Jobs Investment Trust (WVJIT) will boost ABC’s competitive position in the growing health care industry.
ABC provides third party administration and health care management services to employers across the state such as schools, municipalities and labor unions. WVJIT is a pubic venture capital fund created by the state Legislature to develop, promote and expand West Virginia’s economy by making investment funds available to eligible businesses.
“Access to capital investment is vital for stimulating economic growth in the state,” said WVJIT chair and Commerce Secretary Kelley Goes. “WVJIT serves a double bottom line. First, as a venture capital firm, WVJIT invests in qualified West Virginia companies in order to receive a financial return. Second, by investing in these firms, WVJIT also invests in sustainable jobs in West Virginia communities.”
“From a financial standpoint, ABC is positioned to take advantage of the growth opportunities in the health care industry,” said Andrew Zulauf, WVJIT executive director. “We look forward to working with ABC to pursue opportunities to grow revenue and its employment base.”
“ABC is preparing to expand its presence in the industry on both a statewide and national level,” said Charles Eastwood, president and chief executive officer. “Having WVJIT as an investment partner allows us to invest in the necessary technology infrastructure to progress further and faster than we would have been able to otherwise. Partnering with WVJIT is a golden opportunity for growth, not just for ABC, but for the whole state of West Virginia. We stand to make a significant contribution to our state’s progress in the area of job retention and growth.”
The ABC office is based in the town of Ona in Cabell County. It currently employs a staff of 49. For more information on the company, visitwww.americanbenefitcorp.com.