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Learn more about the Virginia Colony founded by the London Company in colonial America. It started as Jamestown in 1607 before becoming a royal colony Learn more about the Virginia Colony founded by the London Company in colonial America.
The purpose of these colonies was to make money for England and to fill up the land so that the Spanish and French could not take it over. The London Company sponsored the first two successful English colonies in America. Jamestown The first London Company settlement was established in 1607.A group of about 100 men and boys sailed into Chesapeake Bay. These men had come to find gold, but they found none. The colonists built a fort near a wide river, and named their colony and the river in honor of King James.amestown The first London Company settlement was established in 1607. A group of about 100 men and boys sailed into Chesapeake Bay. These men had come to find gold, but they found none. The colonists built a fort near a wide river, and named their colony and the river in honor of King James.