Author: LauraLorek@gmail.com (Page 4 of 348)

The first half of 2024 has witnessed a remarkable surge in data center development across the United States, with Austin and San Antonio seeing explosive growth.

In a new CBRE report, Austin and San Antonio are considered secondary data center markets. Their combined under-construction activity has quadrupled from a year ago to 463.5 MW.

Hyperscalers and AI providers remain key drivers of growth in the data center market, with developers increasingly focusing on the suburbs of Austin for new development due to land availability. This trend has led to a significant increase in under-construction activity in the Austin metropolitan area, which saw its capacity jump from 88 MW in H2 2023 to 463.5 MW in H1 2024.

Growth primarily occurs north and south of the Austin metropolitan area as developers seek to capitalize on the region’s strategic location and favorable business environment.

The CBRE report highlights the unprecedented growth, tightening vacancy rates, and evolving market dynamics shaping the industry.

As the data center market continues to expand at an unprecedented pace, the challenges of power availability and infrastructure lead times will be critical factors to watch. However, with no signs of slowing demand, the industry is poised for continued growth, driven by the ongoing digital transformation and the increasing adoption of cloud and AI technologies.

Surge in Supply and Record-Low Vacancy Rates

Supply in primary markets, including top data center hubs like Northern Virginia, Dallas, and Chicago, increased by 10%, or 515 megawatts (MW), in H1 2024, with a year-over-year increase of 24%, or 1,100.5 MW. Despite this increase in supply, demand has been so robust that the overall vacancy rate for primary markets fell to a record-low 2.8%, down from 3.3% a year earlier. Similarly, secondary markets saw their vacancy rates plummet from 12.7% to 9.7% over the same period.

This tightening of vacancy rates reflects the intense competition for data center space as businesses, especially those in the cloud and AI sectors, continue to expand their digital infrastructure to meet growing demands.

Under-Construction Activity Hits Record Highs

The report also notes a staggering 69% year-over-year increase in under-construction activity in primary markets, reaching a record-high 3,871.8 MW. However, the rapid pace of construction has been met with challenges, primarily due to a shortage of available power and longer lead times for electrical infrastructure. These factors have delayed construction completions, creating a backlog in meeting the burgeoning demand.

Preleasing Dominates the Market

Demand for new data center capacity remains robust, with nearly 80% or 3,056.4 MW of the 3,871.8 MW under construction in primary markets already preleased. While cloud providers continue to be the dominant players in leasing available power capacity, artificial intelligence (AI) providers also drive considerable demand, reflecting the broader adoption of AI technologies and the associated need for vast computing power.

Pricing Trends and Site Selection

Despite the rapid increase in supply, pricing in primary markets continues to climb, albeit slower than in previous years. The average monthly asking rate for a 250- to 500-kilowatt (kW) requirement increased 7% in H1 2024 to $174.06 per kW/month. This increase reflects the ongoing shortage of available supply, particularly in markets where power availability remains the top consideration in site selection.

Colocation Market Insights

The colocation segment of the market has also seen significant activity, with the overall vacancy rate remaining at a record-low 1.8%. This low vacancy and the continued supply shortage have driven prices higher. Under-construction capacity in this segment is nearly fully preleased, highlighting the continued demand for flexible, scalable data center solutions.

DARPA has announced the selection of five leading technology accelerators across the United States as official DARPA Commercial Accelerators, a move designed to speed up the commercialization and scaling of innovative technologies funded by the agency. These accelerators will transform early-stage technologies into market-ready solutions with significant potential impact.

The selected DARPA Commercial Accelerators include:

• Capital Factory (Austin, Texas)
• CIMIT (Massachusetts General Hospital, Boston)
• FedTech (Hyperion Technologies LLC) (Arlington, Virginia)
• SRI International (Menlo Park, California)
• Wireless Research Center of North Carolina (Wake Forest, North Carolina)

These regional accelerators are strategically positioned to tap into top-tier commercial and entrepreneurial talent, connect DARPA-funded companies with private investment capital, and provide essential training and mentoring. They will also focus on techno-economic market mapping, financial analysis, deal sourcing, and early-stage company building.

DARPA’s Commercial Strategy team, which leads the agency’s efforts to prevent adversarial influence in DARPA-funded technologies, will collaborate closely with these accelerators. The goal is to ensure that the technologies remain accessible to the United States and its allies while scaling rapidly for economic and national security benefits.

The DARPA Commercial Accelerators will build on the success of the agency’s Embedded Entrepreneur Initiative (EEI) pilot program. Launched in 2022, the EEI program has helped DARPA performers raise over $1 billion in private investment capital and launch more than 21 new products, services, and capabilities. Additionally, U.S. corporations have invested $639 million in acquiring DARPA early-stage technologies.

“DARPA’s mission remains steadfast in pushing the boundaries of science and technology to prevent and create technological surprise,” said DARPA Chief of Commercial Strategy Sha-Chelle Manning. “With these regional accelerators, we can ensure more DARPA-funded teams can recruit top talent, develop robust go-to-market strategies, raise capital, and scale operations, turning groundbreaking technology into high value for national, economic, and societal impact.”

By leveraging the unique regional capabilities of universities, labs, and demonstration sites, the DARPA Commercial Accelerators will help de-risk the market inefficiencies and business risks that often hinder the rapid commercialization of emerging technologies. This initiative is expected to have far-reaching implications for the defense and commercial sectors, driving innovation and strengthening national security.

To further support the burgeoning startup ecosystem in Central Texas, the Central Texas Angel Network (CTAN) has announced the launch of Version 2.0 of its highly successful Startup Success Package.

This upgraded package now includes over $550,000 in startup credits and offers, significantly boosting early-stage companies as they navigate the challenging growth phase.

Building on the success of the initial package, which saw more than 60% of participating founders leverage the available resources, Version 2.0 brings even more tools and support to the table. The expansion reflects CTAN’s commitment to fostering innovation and preparing startups for successful fundraising rounds. Notable new partners, including Dropbox, Rippling, and Notion, have joined the initiative, further enhancing the value of the package.

What’s New in Version 2.0?

The enhanced package now offers $550,000 in credits, discounts, and offers, benefitting over 500 founders annually. Among the new features are:

• Enhanced Credits and Discounts: Startups can now access $10,000 in AWS Activate credits, waived fees on $20,000 in Stripe processing, 75% off HubSpot, and up to $200,000 in Google Cloud benefits.
• Legal and HR Services: The package includes six months of free Rippling services, a free recruiting consultation with Hire Tomorrow, and a complimentary legal consultation at Graves Dougherty Hearon & Moody.
• AI-Based Software Platforms: Startups will benefit from $150,000 in Microsoft Azure credits and $3,000 per month for six months in IBM credits, designed to boost productivity.
• Local Ecosystem Partners: Companies also receive inclusion in the semi-finalist list for the next SKU track and a free fundraising strategy consultation with TEN Capital Network.

New Partnerships Add Value

The addition of several key partners has strengthened CTAN’s Startup Success Package. Dropbox offers secure document storage and sharing, Rippling provides seamless workforce management solutions, and Notion brings a powerful platform for organizing team knowledge, tasks, and projects. These new partnerships add significant value, giving startups the tools to streamline operations and drive growth.

“The HubSpot for Startups program isn’t just about software—it’s about creating real opportunities for entrepreneurs to succeed,” said Dan Gallagher of HubSpot. “By teaming up with CTAN, we’re bringing even more value to the Startup Success Package, which includes a 75% discount on HubSpot software. This isn’t just a perk—it’s a game-changer for startups looking to streamline their operations, connect with customers, and grow better.”

CTAN’s Ongoing Commitment to Entrepreneurs

Gary Forni, Chairman of the Central Texas Angel Network, emphasized the organization’s holistic approach to supporting entrepreneurs. “Our approach and focus at CTAN is to support entrepreneurs beyond just financial investments. The Startup Success Package is a key part of that strategy, offering over $550K in credits from our partners to help founders accelerate growth and reach their full potential.”

All companies accepted into CTAN’s funding cycles are eligible to receive the Startup Success Package, designed to empower entrepreneurs, drive innovation, and foster economic growth throughout Central Texas and beyond.

For more information on the CTAN Startup Success Package and how to apply, visit ctan.com.

About Central Texas Angel Network (CTAN):

Central Texas Angel Network is one of the largest and most active angel investing organizations in the United States. Since its inception in 2006, CTAN has supported early-stage startups and entrepreneurs throughout Central Texas. CTAN provides capital, mentorship, and strategic guidance to help promising ventures succeed and drive economic growth in the region.

Are you looking for ways to streamline your business operations, enhance your marketing strategies, or boost your sales? If you’re in Austin, you won’t miss this unique opportunity to discover how Zoho can revolutionize your business.

 On September 17, 2024, Zoho is hosting an exclusive in-person event designed to provide you with a comprehensive understanding of their versatile software solutions tailored to your business needs.

Event Overview:

• Date: September 17, 2024
• Time: 1:00 PM – 3:30 PM
• Location: 101 North Loop Boulevard East, Austin, TX
• Cost: Free (Registration Required – Click Here to Register)

Why Attend?–

Whether you’re a seasoned Zoho user or new to the platform, this event offers something valuable for everyone. You’ll receive friendly, expert guidance on Zoho’s comprehensive use cases across various business functions, including sales, marketing, operations, AI, and business intelligence. This is your chance to see firsthand how Zoho’s tools can be integrated into your business operations to drive growth and efficiency. Claim Your Spot Now.

What to Expect:

1:00-1:30 PM – A Quick Introduction:

The event begins with a brief introduction to Zoho and its extensive product portfolio. Zoho is known for its comprehensive suite of software solutions that cater to businesses of all sizes. With over 100 million users worldwide, Zoho provides tools for every aspect of your business. The goal of this session is not to sell you something but to help you understand the landscape of Zoho’s offerings so you can make informed decisions about what’s best for your business.

1:30-2:30 PM – Live Demo of Popular Use Cases:

This segment is where the magic happens. A technical expert from Zoho will walk you through a live demonstration of popular use cases, placing their tools in a real-world business context. This is a golden opportunity to see how Zoho’s applications can solve common business challenges, making your processes more efficient and effective. Whether you’re looking to automate your sales pipeline, enhance customer engagement, or harness the power of AI for business insights, this demo will show you what’s possible.

2:30-2:45 PM – Take the Next Step:

After the demo, you’ll receive practical advice and resources to help you navigate the Zoho ecosystem. This session will provide actionable insights and a clear pathway to leverage Zoho’s tools to achieve your business goals. You’ll walk away with concrete steps to integrate Zoho into your operations, ensuring you get the most out of this powerful platform.

2:45-3:30 PM – Q&A and Networking:

The event concludes with an open Q&A session and a networking opportunity. This is your chance to engage directly with Zoho representatives, ask questions about your business, and share your experiences and ideas with other attendees. Whether looking for specific solutions or exploring what’s possible, this interactive session lets you get personalized advice and connect with like-minded professionals.

Why Zoho?

Zoho is not just another software company. It offers a unified platform that combines all the tools you need to run your business. From customer relationship management (CRM) to marketing automation, project management, and finance, Zoho provides a seamless experience that eliminates the need for multiple vendors. Plus, with its strong emphasis on privacy and security, you can trust that your business data is safe.

Who Should Attend?

• Small Business Owners: Discover how Zoho can help you compete with larger enterprises by leveraging affordable, scalable tools.
• Sales and Marketing Professionals: Learn how to enhance your strategies and boost ROI using Zoho’s CRM and marketing automation tools.
• Operations Managers: Find out how Zoho’s AI and business intelligence solutions can optimize your processes and drive efficiency.
• IT Professionals: Explore Zoho’s cloud-based solutions that offer robust integrations, security, and customization options.
•  

How to Register:

Registration for this event is free, but spots are limited, so secure your place as soon as possible. To register, visit Zoho’s event page.

Don’t Miss Out!

This event is a must-attend if you’re serious about taking your business to the next level. With expert guidance, real-world demos, and a chance to network with other professionals, you’ll understand how Zoho can help you achieve your business goals. Please mark your calendar for September 17, 2024, and join us at 101 North Loop Boulevard East, Austin, TX, for an afternoon of learning, networking, and growth.

Questions?

If you have any questions about the event or need additional information, please contact the Zoho team at us-events@zohocorp.com. They’re here to help you make the most of this opportunity.

Register today, and take the first step towards transforming your business with Zoho!

This is a sponsored post by Zoho

Setpoint, a Fintech and Proptech startup, announced Tuesday that it has closed on $31 million in additional funding.

Ben Rubenstein and Michael Lam, co-founders in Austin, and Stuart Wall, founder and CEO in New York, run the company.

The Series B funding came from 645 Ventures, which led the round, with strategic investments from Citi and Wells Fargo with Andreessen Horowitz, NextView Ventures, Floating Point, Henry Kravis, Zillow’s founder’s 75 & Sunny, Vesta Ventures, Fifth Wall, Altura Ventures and Outrunner Capital.

Setpoint has raised $76 million since its founding in 2021.

Setpoint’s capital and technology platform enables real estate, auto, consumer, and other asset-backed borrowers to offer credit options to consumers.

Setpoint automates debt facility management. It automates debt facility management. Setpoint’s software and platform verify assets and manage portfolios with real-time forecasting and optimization. It also manages collateral to track data, documents, lender requirements, operational workflows, and valuation management to automate and streamline BPO, appraisal, and AVM fulfillment.

Since its last funding round led by Andreessen Horowitz, Setpoint has achieved revenue growth six times year-over-year. It has added significant customers such as GreenSky, Carvana, Fundbox, Nomura, Capchase, Kyte, Archwest, and Pathway.

Setpoint’s platform and technology replace outdated methods of managing loan transactions like email, Excel, and FTP folders. Setpoint’s Asset OS software digitizes, organizes, and verifies data. Its complementary Capital OS software automates funding flows and compliance, setting a new standard for fast, accurate, and effortless credit transactions.

“While we’ve observed substantial innovation between borrowers and originators, originators and lenders still interact with the capital markets in relatively archaic ways. Setpoint’s software is poised to change that, driving efficiency and accuracy for major credit ecosystem stakeholders like Citi,” Patrick Brett of Citi Spread Products Investing Technologies (Citi SPRINT), who co-invested in Setpoint with Jeff Flynn of Citi Ventures, said in a news release.

In a statement, C. Thomas Richardson, Head of Principal Technology Investments at Wells Fargo Strategic Capital, said, “We are excited to provide growth capital and to expand our relationship with Setpoint. Their deep domain expertise allows them to continue developing relevant technology, which is enhancing the efficiency and automating the workflow of credit operations.”

645 Ventures, leading this round, played a critical role in bringing together a diverse group of investors. “Setpoint has become a cornerstone in the asset-backed ecosystem, earning the trust of the biggest financial institutions,” Jon Smith, Principal at 645 Ventures, said in a news release. “We are proud to lead this round and support their vision in redefining the credit infrastructure landscape.”

The company began in real estate and has since expanded into all asset-backed lending. Setpoint has also grown its Single Family Rental (SFR) and Residential Transition Loan (RTL) customer bases, providing solutions such as diligence, AssetOS, and CapitalOS to optimize the portfolios of leading real estate lenders. Facilitating nearly 100,000 transactions annually, Setpoint is approved by major rating agencies, including Moody’s, DBRS, KBRA, and S&P. Through its affiliated capital provider, Setpoint has funded over $3.5 billion in real estate transactions with proptech leaders like Homeward, OfferPad, Flyhomes, and UpEquity, all of which have been managed on the Setpoint platform.

Setpoint plans to use the new funds for research and development.

“Setpoint is building trust in our credit system,” Wall, CEO of Setpoint, said in a news release. “Our vision is to make credit transactions instant, automated, and error-free. This funding round, supported by leading financial institutions and investors, propels us forward in our mission to build the technology infrastructure for capital markets.”

At SXSW headquarters in downtown Austin, Hugh Forrest, co-president and chief of programming, provided insights on how to prepare a proposal for the SXSW panel picker on Thursday morning.

Every year, SXSW gets more than 4,500 submissions from people eager to speak or present at SXSW. It only accepts about 15 percent of the submissions. So, it is a highly competitive process.

But some tips will put you ahead of the crowd. Forrest said the first tip is to get your polished presentation in on time. Others are to ensure it’s free of errors and a unique idea you haven’t presented elsewhere. Originality is vital to a great submission, he said. Also, authors should only present books published since June 2024, said Monica Sack with the SXSW conference programming team.

According to SXSW, “Artificial intelligence will again be huge at SXSW—“again” because it was huge in 2024.” But the conference is much more than an AI conference, Forrest said.

“Ultimately, SXSW is all about the power of creativity in all its many, many, many forms,” Forrest said. “And also about the power of face-to-face connections.”

The Greater Austin Chamber of Commerce sponsored the Tacos & Topics talk.

Here are ten other key takeaways from today’s talk:

1. Conference Dates and Structure: SXSW 2025 will run from Friday, March 7th through Friday, March 14th. The first part of the week focuses more on tech content, while the second part shifts to music content. Film and TV content is interspersed throughout the event.
2. Importance of Community: SXSW strongly emphasizes local (Austin) and virtual communities to generate the best ideas and showcase up-and-coming thought leaders and industry experts.
3. Panel Picker Process: The Panel Picker process collects ideas from the community, followed by public voting and internal review. It aims to bring in new voices and expand into various verticals.
4. Application Details: The application period runs from June 25th to July 21st. Public voting on proposals begins on August 6th and ends on August 18th. Adhere to deadlines and submission guidelines.
5. Diverse Topics: SXSW 2025 will cover many topics, including regenerative agriculture, quantum computing, transportation, health tech, sustainable energy, culture, climate change solutions, and mental health.

6. Format Options: Various session formats are available, including panel presentations, fireside chats, book readings, workshops, short-form presentations, meetups, and mentor sessions. Each format caters to different learning and interaction styles.

7. Proposal Tips: Successful proposals should meet deadlines, carefully choose appropriate formats, consider all programming topics, and focus on specific, unique ideas. Proposals should be differentiated and offer fresh perspectives.

8.. Diversity and Inclusion: Panels should include diverse voices based on gender, race, location, and employment to provide a more holistic discussion.

9. Public Engagement: The public voting period allows the community to vote and comment on proposals, ensuring a democratic selection process that values diverse opinions.

10. Additional Opportunities: Besides the Panel Picker, SXSW hosts other competitions, such as the startup competition (similar to Shark Tank) and the Innovation Awards. These provide additional platforms for showcasing innovation and creativity.

Earlier this month, Ernst & Young LLP announced the Entrepreneur Of The Year 2024 Gulf South Award winners.

The Austin winners included Dean Drako, CEO and Founder of Eagle Eye Network, and Russell Diez-Canseco, President and CEO of Vital Farms.

In addition, Justin Fenchel, CEO and Co-Founder, Brad Schultz, CMO and Co-Founder, and Aimy Steadman, COO and Co-Founder of Beatbox Beverages, also won.

Robbins Schrader, CEO of SafeRide in San Antonio also won. And Katy Mimari, CEO of Caden Lane, based in Boerne, also won.

The winners will then be considered for the Entrepreneur of the Year National Awards, which will be presented in November.

Altogether, this year’s finalists featured 21 Austin entrepreneurs and 3 San Antonio entrepreneurs.

The Gulf South program honored 48 entrepreneurs from Central and South Texas, Louisiana, and Mississippi at an awards ceremony on June 13th. An independent panel of judges selected the finalists based on “their demonstration of building long-term value through entrepreneurial spirit, purpose, growth, and impact, among other core contributions and attributes.”

^.The other 2024 Gulf South finalists from the Austin area and San Antonio were: 

Martin Keighley | CarbonFree | San Antonio     

Jeff Lee and Courtney Shields | DIBS Beauty | Austin         

Dr. Andrea Thomaz | Diligent Robotics | Austin 

Mark Engels | ePayPolicy | Austin         

Erine Gray | FindHelp | Austin  

Andy Flanagan | Iris Telehealth | Austin

Beth San Segundo | OriGen Biomedical | Austin           

Charles Leddy | Presidian Hospitality | San Antonio       

Emerson Smith | Pushnami | Austin     

Dr. Lefteris Ntouanoglou | Schoox, LLC | Austin

Nicole Budworth | Senox Corporation | Austin  

Ted Ross | SpyCloud | Austin   

Tony Hartl | Undefeated Tribe Operating Company LLC | Austin 

Chris Brundrett | William Chris Wine Company | Hye, Texas     

Chris O’Dowd | WIN Reality | Austin     

Wayne Morton | Wind Energy Transmission | Austin      

Elsewhere Partners Tuesday announced it has closed on its third fund with $285 million in capital raised.

The firm, based in Austin, plans to invest the Elsewhere Partners Fund III in business-to-business software companies.

The early-stage private equity firm, founded in 2016, has made 17 investments to date. It was founded by Chris Pacitti and John Thornton, both formerly worked at Austin Ventures.

“Over the years, our vision to become a reliable feeder system for later-stage financial sponsors has crystalized due to the success of our early portfolio,” Pacitti said in a news release. “We found a gap in the VC/PE ecosystem and have developed a low-risk/high-reward investment model and transformational playbook to become the ‘Series A’ private equity investor for B2B software companies. With the support of our new and existing limited partners, we look forward to continuing to fuel strategic growth in the software sector in both U.S. and international markets.”

Elsewhere Partners makes investments ranging from $20 million to $50 million in growth-ready software companies led by strong technical founders that have scaled to $3 million to $12 million in revenue.

Elsewhere partners invest in software companies in North America, Europe, and Israel.

With its third fund, Elsewhere Partners has invested $25 million into London-based Deskpro. Brad Murdoch, an operational adviser to Elsewhere Partners, also joined Deskpro as CEO. Deskpro also opened its North American headquarters in Austin.

Beth White was inspired to create MeBeBot to bridge the gap in employee support within companies using AI.

MeBeBot has grown significantly since its inception in 2018, driven by the rapid advancements in AI technology. The Austin-based company has raised a pre-seed round of investment. In the latest Ideas to Invoices podcast edition, White talks about her entrepreneurial journey and MeBeBot’s success.

Here are seven key takeaways from the podcast interview:

·  AI in Employee Experience: MeBeBot leverages AI to provide a “digital front door” for employees, making their interactions with workplace systems more efficient and consumer-like. This includes using AI chatbots integrated with platforms like Slack and Teams.

·  Generative AI and AI Evolution: The evolution of AI, particularly with generative AI, has opened up new opportunities but also raised concerns about its impact on the workplace. Beth emphasized the importance of working alongside AI rather than being replaced by it.

·  Hybrid AI Platform: MeBeBot’s hybrid AI platform combines generative AI with domain-specific models and includes a human-in-the-loop process to ensure accuracy and compliance, protecting companies from potential legal issues.

·  Customer Success and Real-Time Data: The company has achieved significant milestones, including integrating AI capabilities that enhance employee support and provide real-time data for better decision-making. Customers like IGT and E2open have seen substantial benefits from using MeBeBot.

·  Diversity and Inclusion: MeBeBot promotes diversity and inclusion internally by having a diverse team and externally supporting customers’ diversity initiatives. The company is a certified Women’s Business Enterprise and actively promotes diversity in tech.

·  Ethical AI for HR: Beth highlighted the importance of ethical AI in HR, emphasizing the need for responsible use of AI and educating organizations on its implications. MeBeBot started a LinkedIn group focused on ethical AI for HR professionals.

·  Future Goals: MeBeBot aims to continue advancing its product roadmap, enhancing employee experience solutions, and building a community around responsible AI. The company also plans to expand its team and potentially raise a seed round of funding in 2025.

For more information, listen to the entire podcast posted below or on Apple, Spotify, Amazon, or wherever you get your podcasts.

Beth White, Founder of MeBeBot

Beth White is a trailblazing entrepreneur and the visionary Founder and Chief Bot of MeBeBot, a groundbreaking company revolutionizing the employee experience through AI-powered solutions. Beth’s career began in the multifaceted world of Human Resources, where she honed her skills across various roles in startups and Fortune 100 companies.

Workweek is looking to disrupt trade organizations by providing digital-first content and podcasts.

To fuel that work, the Austin-based company, founded two and a half years ago, announced Thursday that it has closed on a $12.5 million Series A round of funding led by Austin-based Next Coast Ventures.  Other investors included Rich Greenfield and Jamie Seltzer of LightShed Ventures and David Rubenstein of Declaration Capital. Workweek previously raised $7 million in seed stage funding, Ryan said.

Workweek, with 43 employees, creates business to business newsletters and podcasts and has more than 500,000 subscribers, said Adam Ryan, Co-Founder and CEO of Workweek. With the funding, Workweek is launching a professional network platform and plans to expand its paid subscribed newsletters, he said.

Workweek’s new platform is focused on eight themed communities including marketing, healthcare, fintech and HR. The communities allow professionals to network with others in their field.

“Leaders want a place where they don’t get spammed, feel real relevance with a group, and have discussions that aren’t fluffy BS,” Ryan said in a news release. “We all have more “connections” across the other social platforms, but there’s less belonging than ever. This void is at the heart of what we’re solving.”

Workweek also plans to launch a marketplace of apps to enhance productivity and success within each field on its platform, according to the company.

“We’re incredibly excited to lead Workweek’s Series A investment,” Mikel Smerklo, Co-Founder and Managing Partner of Next Coast Ventures said in a news release. “Adam Ryan and team bring unparalleled experience in creating engaging content and building strong professional communities. Their innovative platform equips business leaders with the insights and connections needed to thrive in their industries. By combining their expertise with cutting-edge technology, Workweek is uniquely positioned to transform how professionals interact with their communities.”