Washington, D.C. startup incubator 1776 has scooped a $7.2 million investment from a group of investors including Steve and Jean Case. The Pepper Group, an Australian technology investment firm, is leading the investment, which also includes local firm K Street Capital among others. All of the investors will get equity as part of the investment.
"We're tackling industries that have a real vacuum of infrastructure," 1776 co-founder Donna Harris explained in an interview with DC Inno. "There''s a lot of opportunity here. The funding lets us cast a wider net."
Both Michael Culhane of the Pepper Group and Ron Klain of Case's Revolution investment fund will join 1776's board of directors. In some ways the board is an entirely new thing, since it was just Harris and co-founder Evan Burfield before. There's an ongoing search for someone else to add to the list as well, Harris said.
"Genius is not centralized."
The money will be used for projects that grow 1776's presence around the world, including hiring new talent and adding new options to 1776's current members. This investment is unconnected to the $12.5 million investment fund that 1776 is using to make seed investments. It's about expanding the possibilities for potential members, which theoretically could lead to investments, but Harris said the key is bringing 1776 to the attention of those who may not have heard of it or who don't realize they might be a good fit.
"We don't want to be constrained by location or region," Harris said. "Genius is not centralized."
