1776 rolls out $12.5 million seed fund - Technical.ly DC

Business

Sep. 1, 2015 12:27 pm

1776 rolls out $12.5 million seed fund

The downtown-based incubator will now invest in pre-Series A startups in its five priority industries: health, education, energy, transportation and smart cities.

1776 is now investing in socially minded startups.

(Photo by Flickr user Ted Eytan, used under a Creative Commons license)

Downtown D.C. incubator 1776 has officially launched a $12.5 million seed fund to invest in pre-Series A ventures in five highly-regulated sectors that characterize most of 1776’s members: health, education, energy, transportation and “smart cities.”

1776’s backers “understand the intersection of startups emerging outside of Silicon Valley and the opportunity that comes from funding companies in regulated markets,” cofounder Donna Harris told Technical.ly DC.

Last May, 1776 had first filed for a $25 million fund — a “ballpark” figure, said Harris, arguing that the $12.5 million raised would be enough to cover initial investments and follow-ons.

She added, “It is our first fund and so clearly it won’t be our only fund.”

Harris declined to name the seed fund’s investors, but she noted that they are a mix of local, New York- and West Coast-based funds ranging from “high-net-worth individuals and family funds.”

The incubator had been angling for a for-profit investment arm since the year it launched. It is an integral part of its mission, Harris said. “It’s about finding the most promising companies, it’s about helping them grow — and the funding is the third leg of that stool,” she said.

The newly-closed fund’s earliest investments include Philadelphia-based edtech startup ApprenNet, which today announced a $1.8 million round led in part by the University of Virginia’s Jefferson Education Fund.

Other startups in the fund, which was first announced last year, include RideScoutAquicore, Radiator LabsEdbacker and EduCanon.

People: Donna Harris
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Here’s who won at GW’s 2019 New Venture Competition

MACH37’s spring 2019 accelerator cohort includes these 6 cyber startups

After ending 2018 strong, DC venture capital funding totals fell to start 2019

SPONSORED

DC

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

DC, SF, NYC

Nava

Experienced Software Engineer – Backend

Apply Now
Philadelphia, PA

Orthly

Full-Stack Javascript Engineer

Apply Now
Washington DC

The Washington Post

Back End Developer/ Engineer – Arc Engineering

Apply Now

SEED SPOT wrapped its second DC accelerator program with a demo day

1863 Ventures is looking for the next cohort of its Emerge Tech accelerator program

Female tech founders in DC received only 4.7% of VC funding in 2018

SPONSORED

DC

Hear from the privacy pros at Security by the Schuylkill

Washington, DC

The Washington Post

Sr. Full Stack Developer

Apply Now
Washington, D.C.

The Washington Post

Senior Software Engineer (iOS)

Apply Now
Washington, D.C.

The Washington Post

Audio Engineer

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!