AlleyNYC, a co-working space based in New York City, has raised $16m in a funding round co-led by magazine publisher Entrepreneur Media, TechCrunch reported on Friday.
Vandewater Capital Holdings, the private equity arm of property asset management company Jesta Group, co-led the round.
Founded in 2012, AlleyNYC currently hosts more than 50 early-stage companies at its co-working space in Midtown Manhattan, and plans to soon expand into a second space in Chelsea, Manhattan.
AlleyNYC hopes the new ‘Alley 2.0’ premises will more than double the total number of its startups to 110. It is also working on offering concierge services, accounting, legal, back-end design and health insurance in the near future.
Jason Saltzman, co-founder of AlleyNYC, told TechCrunch: “We want our entrepreneurs to be able to focus on their companies and their products, not all the tedious stuff that comes along with building a startup. We should be taking care of that for them, not just offering desks and coffee.”