Conference center developer and operator Convene, which currently has four facilities in New York and one in Washington, DC, has raised $15.5 million in venture capital that it will use to fund its continued expansion in New York City and the Mid-Atlantic region, it announced this week.
This latest round of funding, which is the largest to date for Convene, was led by new investor Conversion Venture Capital, along with existing investor Boathouse Capital. Convene will use the capital to double its foot print in the Mid-Atlantic corridor, and to increase its capacity in New York City by 40 percent.
"In addition to growth capital, CVC and Boathouse will be contributing long-term strategic support to help us advance Convene beyond meeting centers into a fully integrated services platform that more broadly transforms the workplace experience," said Ryan Simonetti, co-founder and CEO of Convene. "The foundation that we've built over our first five years has positioned us well to efficiently and effectively deploy capital over the next 18 months to serve our clients and landlords in more places and more ways."
Since its found in 2009, Convene has raised more than $21 million of equity funding.
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