Manhattan-based Convene, a provider of high-tech meeting spaces for businesses which owns a large location in nearby McLean, Va., has raised a $15.5 million Series B led by newcomers Conversion Venture Capital. The funding news comes on the heels of plans to open a new space in downtown Washington, D.C. Return investors Boathouse Capital also participated in the raise.
Founded in 2009, Convene has now raised more than $21 million in funding to date.
“[The capital will] 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, in a statement.
The company plans to use the Series B capital to expand by building new locations throughout the Mid-Atlantic region, increasing its capacity in New York City by 40 percent and it plans to provide some liquidity to early investor Sunrise Capital Partners.
Convene says it is the,“nation’s fastest growing network of urban meeting centers and integrated workplace amenity services.” The company’s clients range from Fortune 500 companies to small businesses of less than 20 employees and include the likes of CBS, ABC, CocaCola, KPMG, MasterCard, Chase Bank, AIG, Bank of America and Dell.
Meeting space rentals range greatly in price based on the amenities, meal plans, support staff and space necessities of particular clients. In McLean, prices begin at $89 per person for a full day and go up to $189 a day. The $189 premium package offers a large meeting space, free Wi-Fi, “state-of-the-art presentation tech,” on-site tech support, an on-site production team, what Convene call a technology “enhancement,” a coffee bar, full continental breakfast and deluxe lunch options.
"Convene's integrated platform uniquely combines service, culinary, design and technology under one roof to help landlords and enterprise respond to demand for better, more flexible and serviced-infused workplaces,” said Chris Kelly, co-founder and president of Convene, in a statement.
The Series B funding round represents the first hospitality and/or meetings management industry investment by round leaders Conversion Venture Capital, according to the firm's online portfolio.
