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

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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.

(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
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