Primary Venture Partners raises $100M to invest in NYC startups
Primary Venture Partners, a seed firm that invests exclusively in New York City startups, has raised a second fund of $100 million.
That focus is unusual — even Lerer Hippeau, a firm that’s closely associated with New York, makes some investments outside the region.
Primary’s Ben Sun (pictured above with his co-founder Brad Svrluga) said he’s betting, in part, on the New York workforce, particularly “the talent that came into the tech ecosystem post-financial crisis” — a shift that gave the city more talented entrepreneurs, plus a talent pool that they could draw from to build their companies.
After all, Sun noted that employment in New York’s tech sector grew by 57 percent between 2010 and 2016.