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D.C.-based startup incubator 1776 and Philadelphia-based co-working company Benjamin's Desk have finalized a deal to merge into a combined incubator network.
The deal, first reported in September by the Washington Business Journal, will create a network with nearly 250K SF of office space in four states and D.C. and more than 1,000 member companies.
1776 co-founder and CEO Evan Burfield will become executive chairman of the combined company, which will retain the 1776 branding, it announced Monday morning. Benjamin's Desk co-founders Anthony Maher and Jennifer Maher will become co-CEOs, leading the day-to-day operations.
The deal will also spin off Union, a software platform for startups, as its own company, with Burfield as CEO. The 1776 seed fund, which has invested in nearly three dozen startup companies, will also operate as a separate legal entity.
"1776’s mission has always been to challenge amazing entrepreneurs to solve big problems and provide them resources, networks, and expertise to make them successful,” Burfield said in a release announcing the merger. “By combining with the Benjamin’s Desk network, we will be able to extend 1776’s work in a more dynamic and impactful way.”
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