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

Business

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.

(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.

Advertisement

Organizations: Revolution, 1776
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Verizon 5G Lab launches DC incubator for first responder tech development

Why 1776 is closing its original incubator location, and thoughts on its future in DC

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

SPONSORED

DC

Join our Technical.ly Match beta, an opt-in alternative to recruiting

DC, SF, NYC

Nava

Experienced Software Engineer – Backend

Apply Now
Washington, DC

Nava

Infrastructure Engineer (DC, SF, NYC)

Apply Now
Philadelphia

Technically Media

Technical.ly Client Success Manager

Apply Now

1776 names Jennifer Maher as sole CEO as part of leadership shift

DC seeks investor to run Inclusive Innovation Fund

Fishbowl Labs moves to DC, seeks next breakout startups

SPONSORED

DC

TEDCO’s Builder Fund is closing the investment gap for more entrepreneurs

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

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