New York City’s Work Bench will have $47 million more to give out in startup investments thanks to its latest fundraising round.
The early-stage venture capital firm announced the new fund money on its blog to keep investing in interesting startups all over the country.
Top officials at Work Bench like to say that they have inverted the typical model by going to the customer first and then seeing where the demand fits in with already existing startups and Fortune 500 companies across a variety of industries.
“Instead of starting with whiz-bang tech like a lot of West Coast VCs do, by starting with the problem and where budget dollars are being allocated, when we’re looking at companies from an investment perspective it really helps us connect all the dots a little a lot better,” co-founder Jonathan Lehr told TechCrunch. “That’s because on the one hand the corporate executive is getting a solution to a pain point from the startup, and the startup founders are getting an introduction to the right stakeholder at the right time for them at the right organization.”
In its first fundraising round, Work Bench secured $10 million in funding.
Per its announcement, Work Bench said it will make an effort to continue to have a diverse staff and to make efforts on its Women in Enterprise series.