Bootstrapped no more: Benjamin's Desk raises $1.2M Series A - Technical.ly Philly

Business

Nov. 1, 2017 12:51 pm

Bootstrapped no more: Benjamin’s Desk raises $1.2M Series A

An SEC filing says the Philly-based company is seeking to bring on some capital after its merger with DC's 1776.
The Washington Square location of Benjamin’s Desk.

The Washington Square location of Benjamin's Desk.

(Photo by Roberto Torres)

Full disclosure: Technically Media is a tenant of the Curtis Center location of Benjamin's Desk.

Following its merger with D.C.-based incubator 1776, the formerly bootstrapped coworking space Benjamin’s Desk raised some cash under its old name.

In what’s being called a Series A round, the company — which retained the 1776 branding as part of the merger — raised $1,185,448 of funding out of a $5 million raise, according to an SEC filing.

“As we prepare for more growth and strengthening the ecosystem, we have opened a funding round,” co-CEO Anthony Maher said in an email. “We are excited that the merger is now 100% complete and look forward to fully integrating all of our operations quickly.”

Maher, who shares CEO duties with co-CEO Jennifer Maher, said the funding will help scale the business and “provide needed resources for our startups and entrepreneurs.”

Last year, 1776 raised some dough on its own: a $7.2 million strategic investment led by the financial services company Pepper Group, with backing from entrepreneur Steve Case. Other investors included K Street Capital and Kiddar Capital.

As part of the deal, former 1776 CEO Evan Burfield will build a separate company around 1776’s UNION platform.

Stemming from the merger, the combined network of spaces will be involved in the managing or operation of over 230,000 square feet of office space:

  • 94,000 square feet is currently operated under the 1776 brand
  • 138,000 square feet is managed by Benjamin’s Desk and its licensing partners
Companies: 1776, 1776
-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

Say ‘Ahoy’ to the technical opportunities at Vanguard

Here’s your comprehensive 2020 guide to Philadelphia’s coworking spaces

Take a look behind the scenes at REC Philly’s new Fashion District headquarters

SPONSORED

Philly

Say ‘Ahoy’ to the technical opportunities at Vanguard

Chesterbrook

Deacom

Data Specialist

Apply Now

Philadelphia, PA

PromptWorks

Operations Manager

Apply Now

Chesterbrook, PA

Deacom

Software Developer

Apply Now

Coworking, culture and workplace hacks: December is Office Trends Month

Take a look inside Offsite, the Fitler Club’s new luxury coworking space

A new flexible workspace is moving into the Fashion District

SPONSORED

Philly

Packed with growth opportunities, WSFS Bank moves into Philly

1217 Sansom Street, Philadelphia, PA 19107

Perpay

Director of Merchandising

Apply Now

1217 Sansom Street, Philadelphia, PA

Perpay

Data Engineer

Apply Now

1217 Sansom Street, Philadelphia, PA 19107

Perpay

Accounting Manager

Apply Now

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

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