The Coven is a coworking community designed for belonging and growth. We create the conditions for physical and psychological safety to flourish, increasing our members’ biases for action and risk taking. Our business is a catalyst for professional transformation offering workshops, connections, and coaching both online and in person.
The future of work is here and there are multiple indicators that tell us it's arrived:
- Women are leaving the traditional workforce to start more than 1800 new businesses each day. They’re creating a new economy and are in need of a place to learn the ropes as they build and scale.
- Professional development and workplace flexibility are the top two ways to improve work life - regardless of if you’re an entrepreneur or corporate employee.
- Office space is changing. In the next 4 years, the majority of US leases are coming up for renewal. JLL, one of the biggest real estate companies in the world, predicts the majority of businesses will let go of a large portion of their traditional commercial leases and move to flexible work options in the coming years.
The Coven solves for this new reality.
Physical & Psychological Safety
The Coven provides physical and psychological safety in a brave environment that helps members develop a bias for risk taking and action in beautiful in-person and virtual spaces.
Our digital programming is organized in both on demand series and live workshops that help members launch and grow businesses, build confidence in their leadership skills, and incorporate DEI practices in their organizations.
How The Coven Makes Money
The Coven has three diverse revenue streams that allow us to maximize income, grow sustainably, and remain obsessed and tapped into the future of work.
Our locations boast impressive unit economics. Our proven growth strategy includes pre-selling 150 founding memberships for cash efficiency. We’ve seen our spaces reach profitability in 18 months with an average contribution margin of 32%.
Coven members are diverse in age, race, industry, and socioeconomics, so we offer membership plans to suit a variety of lifestyles and stages. The Coven’s special sauce is in equipping each member with the unique resources they need to thrive.
Our membership plans:
Beyond paid memberships, our 5-for-1 community funded membership program has provided access to The Coven for more than 300 people from traditionally marginalized communities. The majority of Coven members -both paid and community funded- say they’ve made the connections and learned the skills needed to launch their dreams as they step into their economic power.
We’ve seen a 400% increase YOY in team memberships and are consistently at full capacity in our private offices. In addition, we're seeing strong interest from corporate partners both locally and nationally, representing a huge growth opportunity as we scale across the country.
Scaling The Coven: Our Franchise Offering
In the next three years, The Coven is expanding through the middle and southern parts of the country, which represents a total addressable market of more than 7 million members in underdog markets alone.
We’re expanding via franchising, allowing us to bring The Coven to underserved cities across the country with speed and efficiency. The cost of doing business in these locations is affordable, yet members are willing to pay premiums similar to tier one markets, allowing franchisees to operate efficiently.
According to Liz Elam, Founder and Executive Producer of Global Coworking Unconference (GCUC), the leading conference on coworking, The Coven is officially the first, and to our knowledge the only, woman-owned coworking franchise in the world. The Coven team is uniquely positioned to bring this to life as franchising allows us to do what we do best:
- Designing award-winning inclusive workspaces
- Provide best-in class branding and marketing
- Develop entrepreneurs
Our franchise model has competitive economics:
- $50K franchise fee
- 10% monthly royalty with 2% attributed to marketing spend
- $825/month digital platform fee
At a moderate growth rate, we anticipate an average of 20% YOY growth for our franchise locations.
With just organic reach, we’ve seen 2 dozen entrepreneurs raise their hands to begin the vetting process. Our first franchise opened in July 2023 and we are down the road with confidence to have two additional franchises open this year. We continue to grow our franchisee pipeline, building relationships with key city governments and economic development teams, local chambers, and the International Franchise Association.
Today’s professional world is rapidly evolving. Modern leaders must be prepared and equipped to handle shifts in demographics, technologies, values, and workplace rituals.
Empress, a research studio by The Coven provides a data-informed approach to the future of work, combining cultural analysis and market research to unearth tactical recommendations and unexpected insights—ultimately driving business results and building an equitable new era of work.
Our annual subscription offerings are priced, on average, at $5,000 per year and appeal to corporate leaders, HR professionals, and DEIJ consultants looking for insights and solutions to build a more inclusive workplace.
Where We're Going
The projections above are forward-looking and cannot be guaranteed.
We hope to capture $40M in revenue from spaces in the middle and southern parts of the country alone, but our sights are set beyond that with plans to expand globally and break into verticals like hospitality and lodging begging for femme forward innovation.
The Founding Team + Notable Investors
Our founder team is made up of four undaunted women from the advertising industry with a track record of building bold, courageous brands. We’ve been recognized globally for our inclusive approach to design and the future of work.
The Coven has been featured in:
The Coven is backed by brilliant minds and strong capital from across the country. Our angel and institutional investors including Lightspeed Ventures, New Age Capital, Launch, F.R. Bigelow, Mortenson Family Foundation, Pablo Capital, and Groove Capital.