cove, the co-work/coffeehouse hybrid with three locations in the District, is in growth mode. The company, acting under its corporate handle, LivelyHood Inc., has quietly
filed paperwork with the SEC to raise approximately $1.5 million in equity. cove cofounder Adam Segal is also looking to hire for four additional full-time positions, which will double the company's employment ranks.
The company's prior investors are in Boston; Segal says that the funds already committed--to the tune of $600,000, according to the filing--will come from Boston and from "others outside of Boston and outside of D.C.," although he declines to give names, since the round is still open. "To date, we've [found] people that believe in cove," Segal explains. "We're fortunate to continue to be able to do that."
cove operates three "neighborhood productivity" spaces, in Dupont Circle, on 14th St. and on Capitol Hill. Users sign up for a monthly plan of desk and conference room hours, and then can reserve space or drop in if there is room. A fourth location is in the works, possibly to be launched this summer. Despite interest in the cove community for a Northern Virginia location, the new location will be within the District, says Segal. Other cove locations, both in the metro area and elsewhere, are "in the roadmap, but we're not emphasizing them yet."
As mentioned, cove is also expanding on the human capital front. The company is looking to fill the following
positions: community manager, a city manager, a lead iOS developer and a full-stack web developer. Says Segal: "The money will help facilitate growth from a team perspective."