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.

Organizations: EduCanon, Radiator Labs, 1776
People: Donna Harris
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

A new cohort of product-centric startups is getting a boost from the Tandem Innovation Alliance

SparkLabs launches DC accelerator for cybersecurity and blockchain startups

Goodshuffle lands $500,000 investment from New York-based BizBash

SPONSORED

DC

Pitch for up to $360,000 in funding at the WeWork Creator Awards

Arlington, VA

i360

Software Quality Assurance Analyst

Apply Now
Arlington, VA

i360

Product Manager

Apply Now
New York, NY

LiveLike

Tech Lead, Mobile

Apply Now

Aperiomics takes home $20,000 grand prize at 2018 Vinetta Project final

Here are the startups in 1776’s new accelerator program

These 16 startups are pitching at TechBUZZ Fall 2018

SPONSORED

DC

VR is cool, but it isn’t mainstream. This local company has a fix for that

New York, NY

LiveLike

Project Manager

Apply Now
DC, SF, NYC

Nava

Experienced Software Engineer – Backend

Apply Now
Arlington, VA

i360

Application Developer

Apply Now

Sign-up for daily news updates from Technical.ly

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