1776 has bought startup studio Hattery in San Francisco. This is the second acquisition announced by the startup incubator and co-working space in just a few weeks after absorbing Disruption Corp. in Virginia. The exact financial details were not disclosed but included both stock and cash.
“The opportunity to bring Hattery and 1776 together to build a bridge between San Francisco and Washington is an important step as we build a truly global network that supports startups from around the world focused on driving innovation that matters,” said 1776 co-founder Donna Harris in a statement. “By combining the resources, networks, and intellectual capital of both cities, we’re in a stronger position than ever to identify, grow, and scale startups that can change the world.”
1776 has hinted that more acquisitions are coming in the future, although there are some questions about what that means long-term for the incubator environment of D.C.
For now, Hattery will still operate under its own name but 1776 companies can now work there and use it as a base on the West Coast. 1776 has talked about wanting to become a global network and is certainly growing fast. It now counts 1,200 startups and 38 employees. The three founders of Hattery will now be strategic advisors for 1776.
“We’ve watched 1776 grow and evolve into a global player over the last two years, promoting startups that are tackling important challenges around the world, then helping them grow and scale,” said Hattery co-founder Josh Mendelsohn in a statement. “This new, bi-coastal collaboration will allow San Francisco startups to access 1776’s network of experts while giving 1776’s global network of startups increased visibility and access to resources in the Bay Area. It’s a win-win for those of us who believe the tech community can and should be a force for good.”
