The Coven

The Coven

Early Stage

A coworking community designed for belonging

A coworking community designed for belonging


Raised to Date: Raised: $84,001

Total Commitments ($USD)



Start Date


Close Date


Min. Goal
Max. Goal
Min. Investment


Security Type

Equity - Preferred


Series A

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share


Pre-Money Valuation


Rolling Commitments ($USD)



Reporting Date


Days Remaining


% of Min. Goal


% of Max. Goal


Likelihood of Max
Avg. Daily Raise


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Year Founded



Business Services, Software, & Applications

Tech Sector


Distribution Model




Capital Intensity



ST. PAUL, Minnesota

Business Type


The Coven, with a valuation of $12.5 million, is raising funds on Wefunder. It is a coworking community that provides physical and psychological conditions to flourish. The Coven acts as a catalyst for professional transformation through its workshops, online and offline coaching, and connections. The business offerings include on-demand series and live workshops that help members launch and grow businesses, develop confident leadership skills, and incorporate DEI practices in their companies. Alex Steinman, Bethany Iverson, Erinn Farrell, and Liz Giel founded The Coven in July 2017. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $941,984. The campaign proceeds will be used for franchise growth, hiring, and sales and marketing.

Summary Profit and Loss Statement

FY 2022 FY 2021












Net Income



Summary Balance Sheet

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Financials as of: 07/20/2023
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Analyst Report



The Coven is a coworking community that fosters belonging and growth. It aims to create an environment that encourages action and risk-taking, ultimately acting as a catalyst for professional transformation. The Coven provides online and in-person workshops designed to help members launch and grow businesses, develop confident leadership skills, and incorporate Diversity, Equity, and Inclusion (DEI) practices into their companies. With three coworking spaces open, the team plans to expand across the US with a franchise model.

Next Section: Price


The Coven is raising funds at a valuation of $12.5 million. With a revenue multiple 15.44, The Coven is valued slightly above industry standards. That said, the company is not hugely overvalued, especially compared to the online private markets at large. Investors at this round could see some returns at this price, especially considering the decent early traction.

Next Section: Market


The Coven operates in the highly competitive coworking space industry, driven by several trends. The rise of remote work and the growing preference for flexible work arrangements have increased the demand for coworking spaces. Businesses and individuals are seeking agile office solutions to accommodate changing work patterns. Coworking spaces also offer cost-effective options compared to traditional office leases, making them attractive to startups, freelancers, and small businesses looking to minimize overhead expenses.

Besides cost-effectiveness, coworking spaces like The Coven provide networking opportunities and foster a collaborative environment. This social aspect can increase productivity and innovation as like-minded professionals connect and form partnerships. However, coworking spaces may face challenges during economic downturns when businesses downsize or opt for remote work, resulting in reduced demand for shared office spaces.

Security and privacy concerns are potential hurdles for coworking spaces. Sharing a space with other individuals and businesses raises data security and privacy concerns for some companies that prefer a controlled and private office environment.

The US coworking spaces market is valued at approximately $2.6 billion. The industry is expected to grow at a moderate rate of 11%. The market is well-established thanks to large players like WeWork, but the fad of trendy coworking spaces is likely on its way out. Despite establishing the market, WeWork's infamous mismanagement could also contribute to negative investor sentiment toward the market.

Next Section: Team


The Coven was founded by four partners: CEO Alex Steinman, Partner Bethany Iverson, Partner Erinn Farrell, and Partner Liz Giel. Each of the founders brings a unique set of skills and experiences to the team.

Steinman, the CEO, has a background in communications. Iverson brings years of strategy experience to the team. Farrell has a consulting background and worked up to General Manager at space150, an independent agency network. Finally, Liz Giel has spent years in brand strategy and consumer research. Each of the founders, in some way, has strategy consulting experience and plenty of managerial expertise. That said, a large founding team carries some risks around streamlined decision-making.

Next Section: Differentiation


The Coven attempts to differentiate in the crowded coworking space by emphasizing inclusion. While other coworking spaces may primarily offer shared office spaces and amenities, The Coven goes beyond that to prioritize its members' well-being and professional growth. This focus on creating a supportive and inclusive community sets The Coven apart from its competitors.

With a strong emphasis on professional transformation, The Coven offers a range of workshops, coaching, and connections to help its members launch and grow businesses, develop confident leadership skills, and incorporate diversity, equity, and inclusion (DEI) practices in their companies. This holistic approach to professional development sets The Coven apart from other coworking spaces that may primarily focus on providing physical workspace.

However, the coworking space is very crowded, and The Coven does not compete aggressively on price. The focus on inclusion may be unique compared to industry giants like WeWork or Industrious. Still, smaller competitors like The Wing offer similar communities that empower women in the workplace to come together and collaborate to advance their careers.

Next Section: Performance


The Coven has demonstrated strong performance and growth recently. The company has over 750 active paying members and generates $65,000 monthly recurring revenue. The Coven has been featured in prominent publications such as Forbes, Fortune, Inc Magazine, Architectural Digest, and Business Insider, highlighting its growing reputation and visibility in the industry.

Financially, The Coven has shown positive revenue growth, with annual revenue of $809,472 for the most recent fiscal year and a year-over-year revenue growth rate of 13.5%. It will take time for the company to franchise out to other states and regions in the US. That said, the company complements the franchise model with revenue from Empress Insights, a market research and trend analysis consulting arm.

Next Section: Risk


Investing in The Coven carries some risks, primarily due to its competitive landscape. The company operates in a competitive market, facing competition from established coworking spaces such as Industrious, WeWork, Regus, and The Wing. These competitors' strong presence and brand recognition could challenge The Coven to attract and retain customers. And though WeWork, in many ways, established this market, the famous mismanagement may make investors wary of the space.

The Coven also faces financial risks, with negative net income and a relatively high monthly burn rate. Although the company had cash and cash equivalents of $311,957 at the end of its most recent fiscal year, its current burn rate suggests that additional funding may be needed to sustain operations and support growth initiatives.

Investors should carefully consider these risks and evaluate The Coven's ability to differentiate itself in a competitive market, achieve sustainable revenue growth, and effectively manage its financials and leadership to make an informed investment decision.

Next Section: Bullish Outlook

Bullish Outlook

The Coven has established a unique position in the market as a coworking community that goes beyond providing physical workspace. Focusing on creating physical and psychological conditions for workers to flourish, The Coven offers a comprehensive solution for professional transformation. The Coven empowers its members to launch and grow businesses, develop confident leadership skills, and incorporate diversity, equity, and inclusion practices in their companies by providing workshops, coaching, and connections.

The Coven has already demonstrated strong revenue growth, with annual revenue reaching $809,472. This growth is expected to continue with an annual growth rate of 13.5%. Furthermore, the company has attracted notable investors such as Lightspeed Ventures, New Age Capital, Pablo Capital, and Groove Capital, which speaks to the confidence in its potential.

Next Section: Bearish Outlook

Bearish Outlook

The competitive landscape in the coworking industry is crowded, with established players such as Industrious, WeWork, Regus, and The Wing. These competitors have already established strong footholds in the market, making it challenging for The Coven to gain significant market share. It is unclear if the mission of inclusion and belonging is enough to set The Coven apart.

Additionally, the pandemic normalized remote work for many industries; workers may choose the comfort of home instead of going into an office. In turbulent economic times, cutting stipends or memberships for coworking spaces is an easy way for startups and corporations to cut costs.

Next Section: Executive Summary

Executive Summary

The Coven is a coworking community that has gained traction in the market, focusing on providing physical and psychological conditions for workers to flourish. With a strong emphasis on belonging and personal growth, The Coven offers workshops, coaching, and connections to help members launch and grow their businesses, develop confident leadership skills, and incorporate diversity, equity, and inclusion practices. The company has achieved significant milestones, including generating $809,472 in annual revenue with a growth rate of 13.5%. It has also garnered recognition from notable publications such as Forbes, Fortune, Inc Magazine, Architectural Digest, and Business Insider. The Coven operates in a crowded landscape with competitors such as Industrious, WeWork, Regus, and The Wing. Fostering a sense of inclusion and belonging may not be enough to stand out.


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The Coven on Wefunder 2023
Platform: Wefunder
Security Type: Equity - Preferred
Valuation: $12,500,000
Price per Share: $1.27

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