Chicago startup hub 1871 has agreed to acquire yet another Illinois startup and technology organization as it expands its footprint throughout the state.
1871 is acquiring the intellectual property assets and programs of hub88, a technology hub for entrepreneurs and corporate innovators. Hub88 offers its members virtual resources but also has a physical co-working and event space at Nokia’s former campus in Naperville.
Terms of the deal, which is expected to close shortly, were not disclosed.
Hub88, founded in 2018, serves as a place for members to discover, test and commercialize emerging technologies and services, such as 5G and LTE networking, drones, IoT and robotics. The organization was named after the rich technology and science industries along the Illinois I-88 corridor. Since its inception, hub88 says it has reached more than 1,000 community members from over 400 companies and organizations.
“They support a similar type of audience to who we support but based in the western suburbs,” said 1871 CEO Betsy Ziegler. “It’s an opportunity for us to expand our reach and relevance, and support the early-stage, growth-stage and corporate [players] that aren’t in downtown Chicago.”
Members of the combined organizations will now be able to access 1871 and hub88 programming at 1817’s Merchandise Mart space, as well as the 5,000-square-foot space in Naperville, which will be still be called hub88 initially, Ziegler said.
“We hope to support a lot more people as a result of this, and bridge the geographic divide of the 20 miles between the two,” Ziegler said.
Hub88 doesn’t have any employees; the organization has been operated by volunteers, Ziegler said.
Hub88 is the latest organization to join the 1871 family. In February, 1871 acquired accelerator program Catapult, and last year 1871 also scooped up the Illinois Technology Association.
1871 says it is now home to about 450 technology startups, 300 growth-stage companies and 1,500 members.
