Venturef0rth is back from the brink - Technical.ly Philly

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Venturef0rth is back from the brink

A mystery donor gave the Callowhill coworking space a $50,000 cash infusion. Venturef0rth has also appointed a turnaround man.

Inside Venturef0rth.

(Courtesy photo)

Venturef0rth will keep its doors open, for now.

A donor who wanted to remain anonymous gave the Callowhill coworking space almost $50,000, the Philadelphia Business Journal reported Thursday.

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Last month, Venturef0rth’s Marvin Weinberger said he needed to raise $100,000 in 30 days to keep the space afloat.

Venturef0rth also appointed a turnaround guy, so to speak — Gary Smith of Enterprise Law Associates. Smith will try to get the space back in financial shape. He’ll tackle the challenge as more and more coworking spaces open in the city, all in locations more central than Venturef0rth’s neighborhood of Callowhill. (One complaint we’ve heard from local companies is that the space is too far off the beaten path, making it hard for founders and teams to commute there, as well as take meetings.)

Meanwhile, Weinberger is focusing on his tool company, Innovation Factory. He’s currently looking for a CEO.

“Our current sales are extremely modest, but the interest is enormous, and international in scope,” he wrote on the Philly Startup Leaders listserv. “I’m looking for someone amazing, with a proven track record, to lead the business so that I can focus on invention and promotion.”

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