Capital One, a bank and credit card company with more than 10,000 employees in the Richmond region, decided to back the development of the business incubator as part of its Future Edge initiative, a five-year, $150 million investment program intended to help nurture entrepreneurship and community development, primarily in communities where the company has operations.

“One thing it is easy to forget is that Capital One was a startup,” said Jay Sanne, vice president of technology at Capital One and a Startup Virginia board member.

“We look back on those times and we have a deep sense of responsibility to the Richmond area, and really to entrepreneurs and disruptors,” he said. “They are trying to do the same thing that we did over the course of the last 25 years. We truly hope that this incubator creates companies that have the kind of impact that Capital One has had on this region.”

The first three floors of the building will be dedicated space for startup businesses. The building will have 25 private offices for startups, along with shared, coworking office space, mentoring space and common areas. Bostic said enough startups have agreed to move into the building to fill all but one of the offices.