Westwood Alpha Edison, an investment firm that targets early-stage companies, led a $15 million Series A funding round for The Riveter Inc., a shared workspace startup predominantly for women.
Headquartered in Seattle, The Riveter has locations in Marina del Rey and West Los Angeles. It’s planning to use the new funding to expand further, including adding eight more locations in West Coast cities, Texas and New York next year, with plans to open 100 locations nationwide by 2022, according to a spokeswoman.
“Our company’s rapid growth over the past 18 months signals a significant market demand for workspaces, a connected network and programming that moves business forward,” said Amy Nelson, founder and chief executive of The Riveter.
“The way we work is changing, and The Riveter has quickly become a trusted voice and a force for change around the future of work and equality,” said Nick Grouf, managing partner of Alpha Edison.
Seattle venture firm Madrona Venture Group, which participated in The Riveter’s seed round, is also contributing to its Series A, along with a broad group of investors, including fashion entrepreneur Liz Lange and Blake Mycoskie, founder of Playa del Rey-based shoe and apparel maker Toms Shoes.
• • •
L.A.’s Cumming Expands to U.K.
Los Angeles-based project management consultancy Cumming Construction Management Inc. is acquiring London’s Mellersh & Harding Building Consultancy, its second major acquisition in the United Kingdom since 2016.
Privately held Cumming did not disclose terms of the transaction.
In a statement, Cumming said the MHBC acquisition would boost its growing business in the United Kingdom. MHBC’s clients include U.K.-based Schroder Real Estate, which invests in commercial properties; Chicago-based LaSalle Investment Management Inc., a real estate investment management company; and Greenwich, Conn.-based Starwood Capital, an investment firm.
“We are delighted to solidify our partnership with MHBC after working alongside them for several years,” said Derek Hutchison, executive vice president at Cumming, in the statement.
Cumming’s previous U.K. acquisition came in February 2016 with London-based cost and project consultancy GB Fitzsimon.
For 2018, Cumming estimates its revenue will reach $150.5 million. The firm employs 150 at its downtown office. Some of Cumming’s largest local clients include the Los Angeles Unified School District, the new downtown Santa Monica fire station and the Music Center, one of the largest performing arts centers in the United States.
• • •
Calibrate Ventures Unveils
$80 Million Fund
Pasadena-based Calibrate Ventures Management has collected nearly $80 million for its inaugural fund, which the founders say will back early-stage startups.
Investors Kevin Dunlap and Jason Schoettler founded the firm in 2017. Both previously worked as managing directors at Shea Ventures in Walnut, which was among the institutional investors that committed to Calibrate’s inaugural round.
Foundry Group, of Boulder, Colo., also contributed to the round.
The inaugural fund, called Calibrate Ventures, will target initial investments of around $5 million in companies generating revenues between $1 million and $5 million.
Calibrate has been active since its inception and has made five investments to date, including Alpha UX Inc., Broadly Inc., Built Robotics Inc., Embodied Inc. and Soft Robotics Inc.
“Having made five investments since launching the firm, we are off to a strong start and excited by the numerous near- and long-term opportunities ahead,” Dunlap said.
Dunlap and Schoettler have led exits for companies that later became publicly traded, including Venice-based Dollar Shave Club, Santa Monica-based home security company Ring Inc. and San Mateo-based SolarCity Corp., now owned by Tesla Inc.
• • •
Tryperion Raises $61 Million
Brentwood-based real-estate investment firm Tryperion Partners raised $61 million for its third fund, a company spokesman said.
Since its founding in 2013, Tryperion’s funds have invested more than $500 million in all major property types, including office, industrial, retail, hotel and multifamily.
A spokesman said Tryperion still retains investments in five of nine properties acquired with its second venture fund. These properties include the Riverhouse on the Deschutes hotel in Bend, Ore.; Energizer Holdings Inc.’s world headquarters in St. Louis; the Chandler City Office Center in Chandler, Ariz.; and Shoreline Apartments along the banks of Lake Erie in downtown Cleveland.
Have a deal tip? Pat Maio can be reached at [email protected] or
(323) 556-8329.
