First Colorado Company to Receive Equity Investment Under New Opportunity Zone Guidelines

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Aug 22, 2019, 16:30 ET

GRAND JUNCTION, Colo., Aug. 22, 2019 /PRNewswire/ -- The Grand Junction Economic Partnership congratulates software company Proximity Space, Inc., on securing new investment from a Qualified Opportunity Zone Fund. The startup, based in designated Opportunity Zones in Grand Junction and Montrose in Western Colorado, is the first Colorado-based company to receive funding under new federal guidelines issued in April.

Opportunity Zones were designed under the 2017 Federal Tax Cut and Jobs Act to draw funding to low-income areas throughout the U.S., and are intended to support diversified economic growth in regions that may otherwise have limited access to long-term capital. Initially, such funding took shape in the form of real estate. However, the new guidelines allow broader use of investment dollars. Proximity intends to use the funding to grow the global network of its coworking software technology.

"Opportunity Zone funding is a tremendous advantage for us," says Josh Freed, Proximity CEO. "We're thrilled to move forward with a growth plan that allows us to reach more coworking spaces, new international markets, and continue the expansion of the Proximity Network."

Local municipalities and economic development offices in Colorado are deeply engaged in the implementation of Opportunity Zone funding. In the Grand Junction area, the Grand Junction Economic Partnership (GJEP) is the first stop for guidance and support on this and other tax incentives.

"We have seven Opportunity Zones in Grand Junction and have been proactively working with a number of companies to take advantage of these investment opportunities," says Robin Brown, GJEP Executive Director. "We're thrilled to see Proximity receive Opportunity Zone funding. It is a sign that the new guidelines are in fact helping to accelerate the growth of our economy by supporting the expansion of more diverse businesses."

About Proximity
Proximity is a global network of more than 400 independent coworking spaces. By connecting remote workers, startups, and small businesses, Proximity fosters community and collaboration for the modern workforce. Proximity's software platform helps spaces manage their communities by providing seamless door access, guest visit and package delivery notification, internet access, conference room booking, and membership billing, all through a single platform. The Proximity School of Coworking provides owners and community managers with the training and resources they need to run a successful coworking space. Website: https://www.proximity.space/.

About GJEP
The Grand Junction Economic Partnership (GJEP) works to enhance the economic vitality and quality of life in Colorado's Grand Valley by supporting high-impact capital investment and job creation. GJEP administers incentive programs and offers free services to organizations interested in relocation or expansion in the cities of Grand Junction and Fruita, the town of Palisade and throughout Mesa County, Colo. Website: https://www.gjep.org/