Blog Post

New York on Our Mind

New York on Our Mind
Growth Insights / October 19, 2018
Written by , David Hartwig

I recently traveled to New York for Primary Ventures’ two-day NYC Summit 2018 event. While only in its second year, the Summit is something I was looking forward to and made sure I could attend. Why? Because:

1) The event is an outstanding convening of entrepreneurs and VCs.

2) New York is an increasingly important center for tech innovation and investment

According to the New York City Economic Development Corporation, New York City startups closed nearly 1,500 deals worth $12 billion last year — almost double the capital invested in 2014. Both personally, and as a firm, we’re committed to NYC for venture. Five out of the eight companies I actively work with are headquartered in New York. Those investments comprise just under $100 mm in invested capital — more than I have at work in any other geography (including Silicon Valley where I live).

It’s true what they say — innovation can come from anywhere — and events like Primary’s NYC Summit showcase the innovative companies and entrepreneurs in an easily consumable, one-stop shop of the up-and-coming startups we want to track.

Last year, for example, I met Rich Sarkis from Reonomy, who we subsequently tracked for three quarters and then led the company’s most recent financing. I’m sure our paths would have crossed eventually, but this event, with its well-curated list of NYC-based entrepreneurs and startups, made it possible for us to connect when we did.

I am not alone in my interest in NYC: of our partners making direct investments, half have existing investments in NYC. And, our Sapphire Partners platform, which backs early-stage venture funds, has invested in several NYC-based funds. Our investment dollars have gone into companies spanning not only classically New York industries like Financial Services and Media, but also into application software companies, platform software companies, and consumer focused ventures.

If you haven’t attended the NYC Summit before, I suggest you get it on your calendar for next year. In the meantime, if you’re an NYC-based entrepreneur or investor we haven’t met yet, drop us a line, we would love to connect.