Two Financing Firms Invest US $10 million in Convene
Convene, New York City's largest conference center, completed the fourth funding round by raising additional US$10 million which will be used to fund its expansion plans.
The latest debt and equity financing call attracted two investors, Boathouse Capital and Tamarix Capital, which both chipped in US$5 million each. Convene, formerly Sentry Centers, already raised US $5.8 million since 2009 through equity funding from Sunrise Capital.
In a statement released following the transaction, Ryan Simonetti, co-founder of Convene said the capital infusion allows them to expand their services to other major metro areas, while also not forgetting their roots as additional locations in Manhattan are also in the pipeline.
"Having executed proof of concept and firmly established a loyal customer base of global clients, the path ahead could not be more clear," he said.
In justifying its investment, Tamarix Capital principal Peter Rothschild said that Convene has the potential to make waves in the US meetings, conferences and conventions market. Pricewaterhouse Coopers in a 2011 study revealed that the US meetings industry is worth more than $260 billion annually.
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