Rise of the Rest is moving into real estate - Technical.ly DC

Business

Jul. 12, 2018 5:56 pm

Rise of the Rest is moving into real estate

D.C.–based Revolution is looking to invest in spaces for entrepreneurs as part of its effort to back startups in areas outside of New York, California and Massachusetts.

Steve Case speaks during a Rise of the Rest tour stop in Baltimore.

(Photo by Stephen Babcock)

After a few years of stopovers on the bus, Rise of the Rest is ready to start putting down roots in cities its visited.

D.C.–based venture firm Revolution said Thursday that its effort focusing on growing tech communities outside of California, New York and Massachusetts is starting a real estate initiative.

Through the effort, the firm will make direct real estate investments that can provide space for entrepreneurs. The

“Our existing Rise of the Rest initiative has been focused on investing in entrepreneurs leveraging technology to disrupt major sectors like health care, education, and financial services outside of Silicon Valley,” Revolution CEO Steve Case said in a statement. “As we’ve traveled the country on our Rise of the Rest bus tours, we’ve seen the need for great real estate projects in emerging ecosystems where these entrepreneurs and their teams can work and live.”

The AOL cofounder told Bloomberg that D.C. would be in the category of cities already attracting real estate attention, which is apparent in the coworking category alone. He mentioned that the effort is looking more along the lines of cities like Pittsburgh, Phoenix or Nashville.

To run the operation, Revolution hired real estate investors Starling Cousley and Clint Myers, who both worked for development firm Hines Interests Limited Partnership. They will join the firm as partners, reporting to Managing Partner J.D. Vance.

According to Revolution, they’ll be looking to identify sites and bring together regional partners. They’re also eying potential investments in “Opportunity Zones,” which utilize economic development incentives created by the federal Tax Cuts and Jobs Act of 2017. Revolution notes that Case championed these efforts.

Revolution also made a separate move to invest in space for entrepreneurs this week when its growth stage division participated in a $152 million funding round to back expansion for New York–based coworking company Convene.

Advertisement

The real estate play is the latest move to put more lasting commitments behind its efforts, following the rollout of its Rise of the Rest Seed Fund late last year.

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

Advertisement

Why a coworking company is helping members find offices of their own

Gensler’s ‘Let’s Get Phygital’ event is looking for exhibitors

Contactually and rezora team up to launch contact-syncing integration

SPONSORED

DC

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

DC, SF, NYC

Nava

Experienced Software Engineer – Backend

Apply Now
Hunt Valley, MD

ArmadaHealth

Full Stack Engineer

Apply Now
Washington, DC

Nava

Infrastructure Engineer (DC, SF, NYC)

Apply Now

New H Street NE coworking space will be for ‘mature’ millennials

This NoVa startup has a platform to find commercial real estate loans

Camber Creek closes $30 million fund to invest in more real estate startups

SPONSORED

DC

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

Sign-up for daily news updates from Technical.ly

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