RALEIGH – Coworks, which provides coworking management software as a service on a three-tiered pricing model, has raised nearly $750,000 according to two SEC filings.
“This is a seed round,” said DeShawn Brown, co-founder and CEO, in an interview. Brown, who grew up in Greensboro and attended North Carolina State University, noted that the funds will be used to grow the company and expand the reach of the company’s product.
He also plans to continue to raise money in this round.
In the first filing, the company notes raising $120,000 starting in August 2019 and closing earlier this month, with $50,000 of the gross proceeds of the offering allocated for payments to any of the persons required to be named as executive officers, directors, or promoters, as required disclosure to the SEC.
According to that filing, there was one investor, and the details of the transaction are as follows: “(1) Shares of Common Stock, and (2) Convertible Promissory that convert into capital stock (Converted Shares) of the Issuer, and the capital stock of the Issuer into which the Converted Shares may convert.”
In the second filing, the company notes that it has raised $626,001 as of March 22, with nearly $474,000 remaining to be sold. Of that amount, $100,000 is noted as being allocated for payments to any of the persons required to be named as executive officers, directors, or promoters, as required disclosure to the SEC.
Additionally, the second filing notes the participation of three investors, and reads “$100,000 of the offering amount is represented by outstanding convertible security obligations of the Issuer converting into capital stock of the Issuer in connection with consummation of the offering.”
The company, founded in 2019, describes itself as “the perfect tool to manage your space and your members,” noting that the software “does everything but the dishes” on their website.
Coworks participated in a Techstars accelerator program in Atlanta in 2019.
