Venturef0rth acquired by American Certified CEO Marvin Weinberger - Technical.ly Philly

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Oct. 14, 2014 3:34 pm

Venturef0rth acquired by American Certified CEO Marvin Weinberger

Venturef0rth's cofounders said that, due to current ventures, they no longer had enough time to run the incubator.

Inside Venturef0rth.

(Courtesy photo)

Updated with comment from Elliot Menschik. (10/14/14, 4:04 p.m.)

Venturef0rth, the nearly three-year-old coworking space and startup incubator in Callowhill, is changing hands.

Marvin Weinberger, CEO of Venturef0rth-based ecommerce company American Certified, acquired the space for an undisclosed amount, Weinberger told us. Venturef0rth’s lease ends at the end of November and Weinberger is in talks with the landlord to renew, he said.

The Venturef0rth cofounders are stepping down because of their commitments to other ventures.

“There are just not enough hours in the day for us to be there to contribute in the way we once did,” Elliot Menschik wrote in a Venturef0rth blog post.

Menschik runs DreamIt Ventures’ DreamIt Health accelerator, Jesse Kramer is a co-owner of manufacturing company AWE Tuning and angel investor Jay Shah, whose LinkedIn places him in New York City, is busy with multiple startups, according to the blog post.

Venturef0rth is not suffering, Menschik wrote in an email.

“If anything, it’s boom time,” he said, adding that the space is nearly at capacity.

The move comes at a time when at least two out-of-town coworking spaces are opening supersized shared workspaces in Center City and Old City. On that note, Menschik said there are not too many coworking spaces.

“If we can fill our space in this no-man’s-land, there’s plenty to go around,” he wrote. “How we all work is changing and, if anything, demand for coworking space is only growing.”

Weinberger, who cofounded ’90s-era tech company Infonautics with First Round Capital founder Josh Kopelman, said the acquisition was a “good opportunity” because he’s come to love Venturef0rth and the community there. He’s not planning any staff changes, he said. (Venturef0rth employs one full-time: community manager Arielle Friedlander.)

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Weinberger is also in talks with Benjamin’s Desk head Mike Maher about joint management, he said.

(h/t @davisshaver)

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