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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.
At that point, there were only 1,200 settlers left out of 6,000 that had arrived there over the years. At this point, Virginia was brought into existence and became a royal colony that included the area of Jamestown. Founded By: The London Company founded Virginia during the reign of King James I (1566-1625). Motivation for Founding: Jamestown was originally founded from a desire to gain wealth and to a lesser extent to convert the natives to Christianity. Virginia became a royal colony in 1624 when King James I revoked the charter of the bankrupt Virginia Company. He felt threatened by the representative assembly known as the House of Burgesses.