PE/VC  CNF Investments

     Office Locations:

7500 Old Georgetown Road, 15th Floor
Bethesda, MD 20814
Phone: 301-657-7100
Fax: 301-657-7263



  • Early
  • Growth
  • Middle Market



  • Communications & Networking
  • Energy & Clean Tech
  • Information Technology
  • Life Sciences & Healthcare



    Established in 1972, Clark Enterprises, Inc. (CEI) is a diversified investment company headquartered in Bethesda, Maryland. CEI is one of the largest privately held companies in the Washington, DC metropolitan area with holdings in real estate; financial markets, construction; and venture capital, private equity and other investments. Established in 1997, CNF is the CEI affiliate that actively invests in venture capital and private equity. CNF, led by Robert Flanagan, manages over $280 million in capital with current investments in life sciences, oil and gas, technology, telecommunications, and alternative energy. CNF focuses on early and growth stage companies, but will consider investments in later stages and selective public investments as well. CNF looks to partner with other venture capital and private equity firms and is an active investor providing strategic advice to its management teams.

    Investment Firm Key

       VC = Venture Capital
       PE = Private Equity
       A = Angel
       I = Incubator
       MB = Merchant Bank
       VD = Venture Debt
       FI = Family Investment Office
       FOF = Fund of Funds
       ED = Economic Development Office   
       TT = Technology Transfer Office
       CVC = Corporate Venture Capital
       SEC = Secondary Purchaser
       HF = Hedge Fund/Mutual Fund
    Venture Capital
    Seed Stage
    (includes "pre-seed," or
    concept stage)
    No Revenue
    Early StageMinimal
    Growth Stage
    (also called Mid-stage)
    Expansion Stage
    (also called Late-stage)
    $7M and greater
    Private Equity
    Lower Middle Market$10M-$249M
    Middle Market$250M-$499M
    Upper Middle Market$500M-$1B
    Large Cap>$1B

    Investment Team:

    Name   Title
    Get the complete investment team + individual email addresses for investment team partners. Get personal images, LinkedIn links, investment specialties, office locations and more with a National Database subscription.
    Jennifer K. Hsin Chief Financial Officer and Director
    Joe Del Guercio Managing Director
    Robert Flanagan Managing Director
    Sara Zulkosky Principal


    Portfolio companies include:

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      APX Labs
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      Print Syndicate
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      Svelte Medical Systems
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    Recent News: