Detroit’s first female-focused co-working space, Femology, has officially named the historic Rivertown warehouse district its new home that will house their 2,879 sq. expansion space located at 1804 Franklin St., Detroit, MI. The new location slated to open Fall 2019 will include a wellness/fitness room and yoga area, state of the art podcast room, kitchen, shared office space as well as private offices, conference rooms and lactation space for new moms.
Since its inception in Summer 2017, Femology has generated over $150,000 in revenue, 100 reoccurring members to date and provided programming to over 1,000+ event attendees with only one location. The new location will house and offer funding and scaling focused programming for
250 + members. The game-changing expansion was curated to lay the blueprint to tackle the issue facing female founders in the venture capital and funding space. An article by Entrepreneur magazine uncovers that out of $85 billion in Venture Capital Funding Last Year, Only 2.2 Percent went to female founders. “Beyond co-working, Femology addresses the issue of access to capital. We plan to address that by getting traditional and non-traditional funding workshops and initiatives that support women getting funded to scale their businesses. Less than 3% of women owned businesses reach $500,000 in annual revenue, a glass ceiling that isn’t talked about”- Meagan Ward
Brooklyn based serial entrepreneur and investor, Yliana Guzman, whom holds an expertise on female forward initiatives, merged forces with Femology’s initial founder, Megan Ward, to shift and challenge the venture capital status quo that is crippling opportunities for female founders into Femology’s revised mission.
The new space will serve as the country’s first fully fueled acceleration space for female founders aiming to expose them to venture capital opportunities, connections, and mentorship while offering co-working space. Femology will focus on four platforms under their updated targeted goals to serve their community offering co-working & office space, programming/signature events, accelerator, and digital membership. The expansion project will be lead in design and architect by a female lead and Detroit based team, in the trendy waterside newly developing neighborhood. Former warehouses have been converted into chic lofts, and the neighborhood boasts craft cocktail bars, elegant restaurants, and world food trucks, plus boutiques selling clothes by local designers. Femology will serve as the neighborhoods’ first office + co-working space, nestled in high traffic area of visitors. The brand was one of the first to sign their lease, to add life to the budding retail and residential area.
The brand will host a groundbreaking event in Fall 2019, while also holding a focus on raising funding to aid towards the space through ifundwomen, a crowdfunding platform designed for female entrepreneurs, with a pay-it-forward model. The campaign will introduce their $100K match crowdfunding fundraiser that will continue to bring their mission to life of increasing the capital granted to women, who in this case will serve other women. The direct link to the crowdfunding is www.ifundwomen.com/projects/femology-100k-match.