While enterprise SaaS platforms continue to dominate the seed landscape in our city, real estate and FinTech platforms showed some reinvigoration, each accounting for 14% of total rounds. Platforms that synthesize big data, as well as those that ensure consumer security also received notable attention in Q2.
After a lackluster start to 2018, New York City saw 42 seed rounds in Q2 - up 62% from Q1. Total funding rolled in at $66.9 million, up 67% over Q1. Compared to Q2 2017, we’re now up 14% in deals, and right on par with dollars raised.
We’re proud to introduce the new Primary Tech Council, a group whose threefold mission is to: 1) Identify and attract more engineering-driven businesses in our ecosystem; 2) Help us be more efficient and sophisticated evaluators of tech and tech talent; and 3) Serve as advisors and mentors to the engineering leaders in our portfolio as they move from Seed to Series A.
As someone who’s sat on dozens of boards, here’s one trap I want to warn you of: Don’t assume that your board members are up to speed. In fact, you should assume the exact opposite, and make it a priority to continually re-educate us on your mission, your strategy, your messaging and what it is that makes your business so unique.
We are incredibly proud to announce the close of Primary Fund II, a new, $100 million vehicle. This is an exhilarating moment for us, in no small part because it means we get to continue doing what we love doing: Partnering with some of the best founders in NYC as they build industry-redefining companies.
As Seed investors, we’ve always been founder-first in choosing the companies with which we partner. We firmly believe in the most overused maxim of venture investing: The jockey is more important than the horse.
When we launched our first fund back in 2014, we wanted to focus on a metric that would give our companies the best shot at success while also clearly demonstrating our overall progress and health of the fund. That metric we is Seed to Series A “graduation rate,” and it’s this idea that has ultimately become the bedrock of our strategy.
When it comes to parental leave policies, early-stage startups have some very real resource constraints. But that doesn't make any less important for them to cultivate a culture that is open, encouraging and supportive of employees looking to grow their family. Here are our recommendations for fostering a family-friendly culture that don’t force employees to choose between work and home life.
Last week saw the news of BounceX’s successful $37 million Series B financing. The round was led by Battery Ventures, with participation from Primary Venture Partners, Contour Venture Partners, Cross Creek Capital, Jason Finger and Rho Ventures.
Latch CEO Luke Schoenfelder offers his take on the evolution of the industry over the last five years, the long-term implications of smart access on human behavior, the impact of Amazon’s acquisition, and more.
It’s not often that you find investors who have found success as CTO, founder and investor alike, but Eric Feng has done just that, and it’s that rare combination that gives him such a unique outlook on what it takes to build successful consumer businesses.
We so often think of CTOs as expert engineers (which they are, of course!), forgetting that in order for them to do their job well, they also need to master the human, team-building side of the business. We assembled some of the city's leading CTOs, and here are the topics that are keeping them up at night.