Bombshell: 1776 acquires Disruption Corporation - Technical.ly DC

Business

Apr. 16, 2015 2:27 pm

Bombshell: 1776 acquires Disruption Corporation

Two of the area's top startup incubators are joining forces.

Disruption Corp.'s Crystal Tech Fund is now a project of 1776.

(Photo by Lalita Clozel)

The Washington Post came out last night with bombshell news for the local tech industry. Downtown incubator 1776 is acquiring Disruption Corporation, the venture fund and coworking space created in 2013 by Paul Singh, an entrepreneur who grew up in Northern Virginia, made a fortune in Silicon Valley, and saw potential in local tech startups.

As part of the deal — Singh and 1776 cofounders Donna Harris and Evan Burfield did not disclose its financial details — Singh will transmit ownership of the Crystal Tech Fund, a $50 million fund that has stakes in 12 companies, more than half of which are locally grown startups. 1776 will grow from 22 to 33 employees.

1776 and Disruption Corp. will also combine their work on networking software. Disruption Corp. had set itself apart among other VC funds by developing proprietary programs called Hubble and Dashboard.

Harris and Burfield said they had begun developing a similar program to Dashboard when they began speaking with Singh — whom they’ve known for years and invested with — about ways to partner with and compile data on thousands of start-ups.

Read the full story -30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

WeWork inks a deal to add another coworking space in the District

This military spouse launched a virtual executive assistant service

DC-based Venga was recently acquired by OpenTable’s parent company

SPONSORED

DC

Building a data acquisition system? Don’t make this mistake

DC, SF, NYC

Nava

Experienced Software Engineer – Backend

Apply Now
Washington DC

The Washington Post

Back End Developer/ Engineer – Arc Engineering

Apply Now
Washington, D.C.

The Washington Post

Senior Software Engineer (iOS)

Apply Now

Industrious adds two DC-area locations, inks deal for another NoVa space

Coworking company Spaces opens another DC location

Flight Centre Group is now the largest shareholder in Upside Travel

SPONSORED

DC

This fast-growing SaaS company aims to be a force for change in the energy industry

Washington, D.C.

The Washington Post

Audio Engineer

Apply Now
Washington, DC

Nava

Infrastructure Engineer (DC, SF, NYC)

Apply Now
Philadelphia

Cohere

Digital Marketing Manager

Apply Now

Sign-up for daily news updates from Technical.ly Dc

Do NOT follow this link or you will be banned from the site!