Revolution Growth Invests in Vienna-based FedBid

Washington entrepreneurs Ted Leonsis and Steve Case have made the first big investment with their $450 million Revolution Growth fund, acquiring a major stake in Vienna-based FedBid, which they hope to grow into an online marketplace for tens of billions of dollars in government procurement. The investment was made less than two months after the two former AOL executives announced the formation of the fund, a private investment vehicle designed to reignite the high-tech, entrepreneurial culture that dominated Washington in the 1990s.

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Author: Thomas Heath

Publisher: The Washington Post

Released: JANUARY 16, 2012