The Riveter, a Seattle-based coworking company focused on female entrepreneurs and freelancers, recently raised $4.75 million in funding led by Madrona Venture Group. The funding will enable founder and CEO Amy Nelson to expand the 10-month-old company beyond its two Seattle locations with offices in Los Angeles, Dallas and Denver.
“Women start businesses at a rate five times faster than men and it’s about time there are spaces for them to meet each other, meet clients and get work done,” said Hope Cochran, venture partner, Madrona Venture Group, in a statement.
‘Female-Forward’ But Not Female-Only
Although The Riveter offers programming and amenities geared toward women, Nelson told GeekWire that the company is open to all genders.
“People often think we are women-only, and yet our membership is 20 percent men,” she said. “There are a lot of men and other genders who are really open to seeing some different take on the workspace and who want to be a part of moving women ahead in leadership.”
The Riveter’s current fees range from $180 per month for occasional “floating desk” privileges to $750 per month for private office spaces. Users can also opt for dedicated desk space, community membership or daily or hour passes.
Nelson says that The Riveter offers fewer private offices and more floating desk space than typical coworking spaces, which allows it to serve more members. The company also offers weekly programming on topics like branding, paying taxes and pitching investors — just the kind of nuts-and-bolts knowledge entrepreneurs need to build a business.
“The other really powerful thing about our business model is that a majority of our members are solo practitioners or small teams,” Nelson told GeekWire. “They are not growing teams that will scale out of our space really quickly. We have very low churn. That’s a different model than we’ve seen more broadly in the market.”
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