AUSTIN, Texas -- Swivel, a new online service where fast-growing companies can find and design their own plug-and-play workspace and pay for it on flexible terms, has raised a $4.75 Million seed round led by First Round Capital and from other leading firms including Fuel Capital, Correlation Ventures, Great Oaks Venture Capital, Hack VC, Capital Factory and Abstract Ventures. Existing investors Floodgate and Next Coast Ventures also participated in this round.
Austin tech legends team up for what looks like a WeWork competitor
Scott Harmon and Mike Maples are synonymous with Austin tech. They co-founded software developer Motive, which went public in 2004, and before that worked together at Tivoli Software, which was bought by IBM in 1996 for almost $750 million. Maples — who's since become a prominent Silicon Valley venture capitalist with early investments in Twitter, Cruise Automation and Okta — has just made a big bet on Harmon's newest stealth start-up, Swivel, which appears to be a competitor to WeWork. According to a filing with the SEC on Friday, Maples has invested $1 million in a Harmon-led project called Poquito. It's Maples second investment in the company, as he previously invested $850,000, according to a filing in November.