We’re on a roll now! Initial Q3 data shows modest but steady growth in seed deals in NYC, both in completed deals and dollars raised. To date, 39 deals have been reported, up 5% from this time last quarter and 15% from Q3 last year. These deals raked in a total of $69.7MM in funding, up 4% from Q2 and 16% from Q3 2016.
Preliminary figures for Q3 seed deal activity in NYC show modest but steady growth in both completed deals and dollars raised. Areas that saw the most activity in Q3 include Enterprise SaaS, Real Estate, and eCommerce startups. Beauty showed particular strength this quarter, with emerging brands leveraging technology and high-quality, natural ingredients for differentiation.
We here at Primary are hugely bullish on NYC Tech, as you no doubt know. We have witnessed an exhilarating and inspiring change over the last 8-9 years as the financial crisis dramatically transformed the topography of our labor market for information workers in NYC, and the startup and tech communities have been the primary beneficiaries.
Vestwell changes the game for retirement planning. CEO Aaron Schumm launched the company in 2016 with the goal of using technology to modernize and simplify the process of setting up a 401(k) plan for plan sponsors (employers) and participants (employees), while reducing the costs involved for everyone. This combination of modern technology, coupled with a human touch, is a unique proposition for this industry and is generating significant buzz.
Primary is looking for a rock star up and comer in the New York tech scene to join our investment team! This is someone who comes in at the Senior Associate level, at least: think 3-8 yrs real world experience, and biased towards the high end of that. Definitely an independent operator, self starter, super hustler, obsessive networker, and all that predictable stuff.
This is moving fast, with a number of interesting candidates already in the pipeline, so serious candidates should reach out ASAP! We look forward to meeting you!
I’m often asked by entrepreneurs what I wish I’d known before I started raising venture capital.
When I first started out, I tried to raise money at the highest valuation I could. Like many, I thought it would minimize dilution and maximize value. But after raising close to $1 billion in capital over 10 rounds of venture financing, I’ve come to realize that raising money at a high valuation is usually NOT the right decision. It’s short-sighted and risky.
In the spirit of open-sourcing startup advice, we are pleased to share this well-thought-out operating model built by Mike Simmons, founder and CEO of healthcare IT company CredSimple. Building a solid operating model that can serve as a roadmap of a company’s financial growth is an area that trips up many first-time founders in the earliest days of their startup. We commend Mike both for putting together such a robust and well-informed tool, as well as for disseminating the finished product to the broader entrepreneurial community.
Hey! My name is Maurice Evans. I’m a 17-year-old from Brownsville, Brooklyn, with a strong love and passion for video games. I started playing video games at the age of 3, before I could even read. Video games have always been a huge part of my family life; we bonded, settled disputes, and even made wagers through video games. My long-term goal is to start my own video game company.