May 20, 2015
The DC-based Cove has 9 “productive spaces” sprinkled throughout the district, and they're looking to expand. The $2.8M Series A round they just raised should help them do that. With this funding, they plan to open more locations in DC as well as bust into other markets such as Boston. The funding round was led by some mystery angel investors and institutional funds (all we know is that they include some of the earliest investors in Zipcar, TaskRabbit, Starbucks, and Jamba Juice).
Cove is one of several coworking offerings in the DC area that serve those who don't need a daily office, but need somewhere besides their couch to boost productivity. According to these stats from Global Workplace Analytics, teleworking has jumped almost 80% since 2005. As of 2013, 2.6% of the US workforce teleworks most, if not all of the time. That might not seem like a very high percentage, but it accounts for 3.3 million people. Also, 47% of federal workers have the option to telework, and last I checked, DC has a few of those. This makes DC one of the most popular regions for teleworking.
Another advantage of coworking spaces like Cove is the chance to work with like-minded folk. These spaces are popular among millennial and those who work for startups, since permanent offices cost a lot more money. Cove memberships start at as little as $32 per month per person and guarantee reliable wifi, and unlimited copying, scanning, and most importantly, coffee. Also, it provides a community environment where you can network and bounce ideas off of people who may be facing similar challenges.
Adam Segal, co-founder and CEO of Cove had this to say about the funding round:
“While technology has made it possible to work nearly anywhere, not everyone can be productive in their living room, coffee shop or even their cubicle… We're thrilled that our funders, who understand the sharing economy, retail, and iconic brands, share our vision of enabling the evolution in how people work, connect, and thrive in a mobile economy.”
Cove is not the only coworking option in DC. We also have WeWork, UberOffices, The Hive 2.0, and Canvas.co among others, all competing for your warm body to occupy them. Even if you don't have any of these options in your neighborhood, there are services available to help you find the right space. So pack up your macbook air, grab your green smoothie, and get to work.
Image Credit: Cove
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