AllBright plans US expansion with $18m investment

16 Jul 2019219 Views

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Image: AllBright

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With the latest round of funding, AllBright is now worth £100m, according to a spokesperson for the company.

In 2017, entrepreneur Debbie Wosskow and former Heart CEO Anna Jones set up AllBright, a women’s only networking club that now has two spaces in London.

In these two London spaces, members can work, host and attend networking events or panels. They can also use the gym spaces and roof terraces at the venues. Membership fees are £1,110 per year and this price includes a spot on AllBright’s annual 10-week digital course for supporting women in the workplace.

AllBright’s clientele include actors such as Naomie Harris and Olivia Wilde, members of the House of Lords, and other names from political, business, and entertainment spheres.

Two years after the start-up was founded, it has announced plans to expand into three US locations: Los Angeles, New York and Washington. These plans will be put into motion with a backing of $18.8m by real estate investment firm Cain International that was announced yesterday (15 July).

Aside from Cain International, other investors include Allan Leighton, Gail Mandel, Stephanie Daily Smith (who was a former finance director to Hillary Clinton) and Darren Throop.

With the latest round of funding, AllBright is now worth £100m, according to a spokesperson for the company.

The first US AllBright club will be located in West Hollywood and will likely open shop in September 2019. AllBright’s Mayfair location has five floors spread over 12,000 sq ft and is home to a restaurant and bar, on top of all of the other facilities.

On top of launching more physical locations, the company is set to release a new networking app called AllBright Connect, as well as AllBright Magazine.

Wosskow and Jones told the Evening Standard that these funds will also be invested into women-led start-ups and encouraging women to invest, as only 20pc of the UK’s venture capitalists are women.

Kelly Earley is a journalist with Siliconrepublic.com

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