cove Announces Close of $2.8 Million Series A Funding

WASHINGTON, DC--(Marketwired - May 19, 2015) - cove, a creator and operator of a growing network of shared "productive spaces," announced it has raised $2.8 million in a Series A round of funding. The round includes sharing economy angels (earliest investors in Zipcar and TaskRabbit) and institutional funds in the retail space (a West Coast Family Office, which was an early investor in Starbucks and Jamba Juice). The funding will be used to expand the number of locations in Washington, D.C. and support expansion to Boston and other cities in 2015.

Designed specifically for today's "on-the-go, always-on" consumer, cove locations are comfortable and tech-enabled places in neighborhoods where people live and work. Each cove offers the social and collaborative aspects of a coffee shop combined with the tools needed to be productive, including wifi, printing, desks and conference rooms, all for a simple hourly rate. In addition, cove offers social activities designed to facilitate community and networking amongst its members.

"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," said Adam Segal, co-founder and CEO of cove. "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."

According to Global Workplace Analytics, there are more than 50 million people in the U.S. who are able to work remotely and more than 25 million who currently telework. For these mobile workers, the only alternatives are coffee shops, which are noisy and don't offer basic business amenities; business centers, which offer business amenities but no ambiance; or the home, which is often lonely and uninspiring. What is needed is a place where people can be inspired, connected, and productive -- and cove believes its approach strikes the right balance.

"It's not just teleworkers who need a productive place," said Segal. "As we become more and more mobile as individuals and as a society, we need new places to fill the social and professional void traditionally provided by a 9-to-5 job and office culture."

cove currently has nine locations throughout the Washington, D.C., metro area that are well served by Metro stations, Capital Bikeshare and Zipcar, making it convenient for members to drop in on a moment's notice. The company is expected to launch its first locations in Boston in the summer. Members access locations, manage their experience and connect with other members via the cove mobile app.

About cove
Headquartered in Washington, D.C., cove is a lifestyle company focused on meeting the needs of today's mobile consumer. The company develops and operates a network of "productive spaces" -- comfortable and tech-enabled places in neighborhoods where people live and work. Each cove offers members fast wifi, color printers, comfortable chairs and couches, desks and spiffy conference rooms -- all available for the price of a latte by the hour. More information is available at www.cove.is.