RALEIGH — Coworks, the Raleigh-based software start-up for flexible office and coworking spaces, is raising money once again.
The company is collecting $500,000 in this round, according to an SEC filing submitted Wednesday. The filing reports that they’ve raised more than $350,000 so far.
According to the Coworks team, this comes from investors Madison River Ventures and Fulcrum Financial Partners.
Coworks shared with WRAL TechWire that they are looking to raise an additional $142,000 within the next 30 days.
This round of funding is intended to support continued sales and marketing efforts, according to the company. They’re also focused on accelerating company growth while adding “new integrations” and “incremental features.”
CEO and Founder DeShwan Brown shared his thoughts on the latest fundraising with WRAL TechWire.
“The flex office sector is an incredibly exciting vertical right now,” Brown told me. “We’re looking to grow our software capabilities to serve more traditional coworking as well as other shared workspace models from makerspaces to wet labs to academic entrepreneurship centers.”
Raleigh startup Coworks raises nearly $750,000; CEO looking for more cash
A History of Growth
Coworks raised nearly $750,000 in 2021, with funds planned for company growth and product development. That fundraising also earmarked $50,000 for payments to executive officers, directors, or promoters.
Similarly, Wednesday’s filing disclosed $75,000 may be used to pay the salary of “officers of the Issuer.”
Founded in 2019, Coworks has been involved in several start-up events over the years. They participated in the Techstars accelerator program in Atlanta in 2019 and presented virtually at the online 2020 Venture Connect summit.
CEO and Founder DeShawn Brown was most recently onstage two weeks ago at Venture Connect 2023.
