Femology, a female-focused co-working space, has moved to 1804 Franklin St. in Detroit’s Rivertown Warehouse district. The new location is slated to open in the fall.
The 2,879-square-foot space will include a wellness/fitness room and yoga area, a podcast room, kitchen, shared office space, private offices, conference rooms, and lactation space for new moms.
Femology has generated more than $150,000 in revenue since its inception in 2017. It has 100 recurring members and has provided programming to more than 1,000 event attendees. The new location will house and offer funding and scaling focused programming for more than 250 members.
The expansion was created to help tackle issues facing female founders in the venture capital and funding space. According to Entrepreneur, of $85 billion in venture capital funding last year, 2.2 percent went to female founders.
“Beyond co-working, Femology addresses the issue of access to capital,” says Meagan Ward, founder of Femology. “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 percent of women-owned businesses reach $500,000 in annual revenue, a glass ceiling that isn’t talked about.”
Yliana Guzman, an entrepreneur and investor from Brooklyn, joined Ward and is COO.
Along with space to work, Femology will connect women with venture capital opportunities, networking opportunities, mentorship. Its four platforms, designed to align with Femology’s updated goals, are to offer co-working and office space, programming and signature events, an accelerator, and digital membership.
Former warehouses in the area have been converted into lofts, and the neighborhood includes bars, restaurants, food trucks, and boutiques. Femology will serve as the area’s first office and co-working space.
Femology will host a groundbreaking event in the fall that will also focus on raising funds for the space through ifundwomen, a crowdfunding platform designed for female entrepreneurs. The campaign is a $100,000 match crowdfunding fundraiser.
More information on the space is available here.