The Riveter, the coworking network created by women, for all, with locations in Bellevue, Seattle, and Los Angeles, recently announced it has secured $15 million in its Series A financing round led by Alpha Edison.
The funding will allow the company to continue growing at an incredibly fast rate — it launched just over a year ago and already has 5 locations and more than 2,000 members.
“Our company’s rapid growth over the past 18 months signals a significant market demand for workspaces, a connected network, and programming that moves business forward. Alpha Edison was immediately aligned with our vision and growth plan, and their investment will help us forge this new reality,” said Amy Nelson, founder and CEO of The Riveter.
The company plans to open multiple new coworking spaces in locations including Texas.
In addition to the funds from Alpha Edison, The Riveter raised $4.75 million in a seed round led by Madrona Venture Group about seven months ago. Madrona Venture Group recently renewed its commitment to the company, along with some additional funding.
“The Riveter fulfills a unique need — providing a practical space and inspirational community for the flexible workforce,” said Hope Cochran, venture partner at Madrona Venture Group. “The result is a wonderful blend of social impact combined with a profitable economics. We are excited and honored to continue to partner with Amy and her team as they expand their reach across the U.S.”
According to a statement from The Riveter, female startup founder teams receive just 2.2 percent of venture capital funding. And only 2 percent of that group raise follow-up investments, despite the fact that approximately 35 percent of male-founded companies receive additional funding after their first round.
“We were intentional about the gender balance of the investor mix; 55 percent of this round’s investors are women,” said Nelson. “Recognizing that women represent only 9 percent of venture capital investors in the U.S., we wanted to change the ratio and partner with female investors at every funding level.”