1776 lands $7.2 million 'strategic investment' from Steve Case and others - Technical.ly DC

Growth

Apr. 1, 2016 2:04 pm

1776 lands $7.2 million ‘strategic investment’ from Steve Case and others

The incubator is trying to scale up.
Inside 1776.

Inside 1776.

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

D.C.-based startup incubator 1776 officially announced on Friday that it has raised $7.2 million in “strategic investment” from Steve and Jean Case, among others. The news was first reported by the Washington Post.

The funding was led by the financial services company Pepper Group, and featured “a lineup of globally focused investors” including Case. Other investors include K Street Capital and Kiddar Capital.

“The digital age is here and the world’s largest, most critical industries are squarely in the sights of entrepreneurs,” Donna Harris, 1776 cofounder and co-CEO said in a press release. “We’re pleased to be scaling our global networks, enabling more innovators to succeed, and accelerating the pace of global change.”

Indeed, the investment will go toward expanding 1776’s global reach — “This will help us do a whole lot more programs, more education, more mentors and more connecting in more cities for more start-ups,” Harris told the Post.

The Post also reports that the Cases, Pepper Group and the other new investors will receive equity as part of the investment, but no specifics are given. Ron Klain, executive vice president of Revolution LLC (Case’s investment vehicle) and Michael Culhane of Pepper Group will join the 1776 board of directors.

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