附近上门

When and founded in 2013, they started it with the intention of 鈥渇ixing鈥� their hometown of Fresno, California using the tools of tech.

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Four and a half years into doing work in Fresno, the pair recognized that providing event space, office space, mentorship, and other resources for underserved communities鈥攃alled an 鈥渆cosystem solution鈥� by the duo鈥攚as potentially portable. But if they wanted to expand to other so-called 鈥渦nderdog cities,鈥� they were going to need some external capital to do it.

So this week they announced a $27 million Series A raise led by and, marking Bitwise鈥檚 first institutional financing. The funding also includes a major investment by the Quality Jobs Fund, a project of the New World Foundation seeded by the Federal Home Loan Bank of San Francisco. I talked to Olguin to better understand what the company is doing, and I was surprised by just how much it鈥檚 got going on.

The startup manages about 250,000 square feet of real estate in Fresno that is leased to tech tenants. And on top of that, it鈥檚 also an investor and incubator, having spun out seven portfolio companies since its inception.

Now it鈥檚 looking to take the work it鈥檚 done in Fresno to other cities across the country with a specific set of criteria. It鈥檚 still working to identify those cities but Olguin said Bitwise will start with Bakersfield, Calif. Other potential markets include Tucson, Ariz., El Paso, Tx., and Milwaukee, Wisc.

The company has just over 100 employees and has doubled revenue year-over-year since inception, according to Olguin, who serves as Bitwise鈥檚 CEO. Its revenue stream comes from three sources: its education program, , which trains people to code, with a focus on marginalized groups; its commercial estate portfolio produces rent from leases to the rehabbed buildings it鈥檚 purchased in downtown Fresno and from Shift3 Technologies, a custom software development shop that it formed that pairs senior talent with entry-level programmers from Geekwise Academy to build and deliver software solutions to clients around the world and software companies it鈥檚 spun out.

鈥淲e鈥檝e 10x-ed everything we鈥檝e touched in real estate so far,鈥� Olguin told 附近上门 News. 鈥淧lus, we鈥檙e providing the kind of exciting technology environment that people expect in the industry.鈥�

Looking ahead, Bitwise is aiming to double in size year-over-year in terms of employees, as well as expand to two to three more cities in the same number of years. With that, the company expects to expand its real estate footprint as well.

Another important piece of this story is Olguin鈥檚 background.

Raising the cash to fuel the vision was a hurdle. Olguin described raising money as 鈥渁 little bit like visiting a foreign country and not speaking the language鈥� considering she and her co-founder 鈥渨ere not well-networked in the Bay Area and other first-tier cities.鈥� The process took much longer than they expected.

鈥淲e have been building a company in the desert,鈥� she said. 鈥淎nd it鈥檚 been a lot of work to introduce ourselves to the world. But we found partners that are the right fit for us.鈥�

Plus, Olguin is excited because she believes her company鈥檚 funding is 鈥渂ig news for women in technology and people of color in technology.鈥�

鈥淲e also think it鈥檚 really important that somebody comes up behind us and eclipses this in short order,鈥� she said. 鈥淲e expect it will be a series of events that will help get women or other people of color to be taken seriously both in the venture world and technology industry at large鈥� This country is filled with stories similar to mine – people from underserved communities, who never thought these kinds of opportunities would be accessible to them.鈥�

This aligns with the company鈥檚 mission to help people from 鈥渕arginalized鈥� places have access to the skills they need to enter the technology sector. Olguin, who is the daughter of farm laborers, also said she wants her story to inspire other LatinX founders.

In a press release, , founder of the New Voices Fund, said that 鈥渟ourcing talent from traditionally overlooked and undervalued pools is one of the most effective strategies for companies to remain competitive.鈥�

鈥淲e鈥檝e chosen to invest in Bitwise as one of the only private entities approaching the realities of the economy, technology and marginalized communities with a successful, repeatable business model that supports all three areas,鈥� Dennis added.

Over time, Bitwise said it has produced more than 1,000 new software developers, attracted over 200 technology companies to its facilities, contributed to the creation of thousands of jobs in the region, 鈥渁nd turned 250,000 sq. ft of previously blighted downtown buildings into desirable commercial real estate.鈥�

Also in the press release, Kapor Capital Co-founder and Partner said his firm was impressed with Bitwise鈥檚 approach of weaving together training and education with software development and commercial activity in a common physical space 鈥渨hile also successfully addressing the growing skills gap in the tech industry.鈥�

鈥淥ur investment in Bitwise is based on our shared belief that genius can be found anywhere, but until opportunity has the same reach, we need companies like Bitwise that will take action to close that gap,鈥� he said.

The lead investors are joined by , , and Pi Investments Innovation (both investments facilitated by Candide Group), Acumen America, , , , 鈥檚 joint venture with , , Morgan Simon and , among others.

Photo Courtesy of Gordon Howell

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Note: This story was updated to revise the raised amount to $27 million