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🗽 New York’s VC Scene is Changing

🗽 New York’s VC Scene is Changing
April 6, 2021

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New York has always been the focal point of the U.S. as the city that never sleeps. It is the fashion capital, the finance capital, the media capital, and more. But in terms of tech and venture capital, it has always lagged behind its west coast counterparts. The most valuable US tech companies are all located on the west coast, and startup funding has always been concentrated in California. 

The year 2021 may change this paradigm. We’ve already seen $7.5BN invested into 270 New York City-based companies, putting NYC on track to have a record year if we continue seeing investments at this pace. In comparison, 2020 altogether saw $15.5BN poured into 1,399 companies in New York. Here’s a quick introduction to some of the private companies that have seen record funding rounds this year.

Cityblock Health is a healthcare provider for Medicaid and lower-income Medicare beneficiaries. 
Last round: Round C $192MM
Founded: 2017
Founders: Bay Gross, Iyah Romm, Mat Balez, and Toyin Ajayi

Dataminr offers real-time social media analytics, with a mission to extract value from social media for clients.
Last round: Round F $475MM  
Founded: 2009
Founders: Jeff Kinsey, Ted Bailey, and Theodore Bailey

Yotpo offers an eCommerce marketing platform designed to give brands the ability to gain and retain customers through the integration of data-driven solutions for Loyalty, SMS Marketing, Reviews, and more.
Last round: Round F $230MM  
Founded: 2011
Founders: Omri Cohen and Tomer Tagrin

Squarespace offers a website building service and an e-commerce platform that enables users to build a brand and transact with their customers. 
Last round: Round D $300M
Founded: 2003
Founder: Anthony Casalena

Cedar is a patient engagement and payment platform for hospitals, health systems, and medical groups that elevates the total patient experience beyond clinical care. 
Last round: Round D $200M
Founded: 2016
Founders: Arel Lidow, Florian Otto, and Kareem Zaki

Ro offers end-to-end medical services that target 20 conditions, including sexual health, smoking cessation, and hair loss, enabling users to get in touch with a physician by video and access free medication delivery and personalized treatment.
Last round: Round D $500M
Founded: 2017
Founders: Rob Schutz, Saman Rahmanian, and Zachariah Reitano

K Health is a data-driven primary care application that uses AI to deliver virtual personalized primary care. 
Last round: Round E $132MM 
Founded: 2016
Founders: Adam Singolda, Allon Bloch, Israel Roth, and Ran Shaul

Cockroach Labs develops an open-source database designed for building global, scalable cloud services that can survive disasters.
Last round: Round E $160MM  
Founded: 2015
Founders: Ben Darnell, Peter Mattis, and Spencer Kimball

Chainalysis provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. 
Last round: Round D $100MM
Founded: 2014
Founders: Jan Moller, Jonathan Levin, and Michael Gronager 

Attentive Mobile is a personalized mobile messaging platform that helps brands and organizations connect with consumers.
Last round: Round D $130MM
Founded: 2016
Founders: Andrew Jones, Brian Long, and Ethan Lo

Axionus is an asset inventory management platform that focuses on cybersecurity solutions and policies. 
Last round: Round D $100MM
Founded: 2017
Founders: Avidor Bartov, Dean Sysman, and Ofri Shur

Harry’s is a consumer products company that delivers razors and personal grooming products directly to its customers. 
Last round: Round E $155MM
Founded: 2012
Founders: Andy Katz-Mayfield and Jeff Raider

Aside from mega-round funding, NYC-headquartered companies are also going public. Insurance provider Oscar Health went public a few weeks ago at a value of $7.9BN, and Compass went public last Thursday at a value of $9.7BN, although they downsized their IPO just before listing. 
All eyes are now on digital business automation provider UiPath, set to IPO with a valuation of $20BN after raising a mega-round of funding of $750MM in February.

LG shuts down phone business
LG is refocusing its energy on growth areas such as EV, connected devices, robotics, and other AI and B2B solutions. 
[Read More]
Drone show sets Guinness record
Genesis, a luxury automotive brand, broke the world record by flying 3,281 drones in a show in Shanghai.
[Read More]
Since last week, PrivCo has added:
3141 Companies | 246 Funding Activities | 74 M&A Deals

Funding & Deal Highlights:

Dapper Labs raises $305MM led by Michael Jordan 
Games Software & Internet Services • Equity • Vancouver, Canada

Plus raises $220MM co-led by ClearVue Partners and Fountainvest Partners
Freight Transportation • Equity • Cupertino, CA

Rightway Healthcare raises $100MM led by Khosla Ventures
Claims Processing Software & Internet Services • Round C • New York, NY

Ambi Robotics acquires $6.1MM
Industrial Machinery • Seed • Emeryville, CA

Bond Biosciences raises $5MM led by Collage Partners
Pharmaceuticals • Seed • New York, NY

BusRight raises $2.5MM co-led by Long Journey Ventures and Underscore.VC
Transportation Software & Internet Services • Seed • Boston, MA

Pickup raises $15MM led by NewRoad Capital Partners
Delivery Software & Internet Services • Round B • Plano, TX

Tomorrow.io raises $77MM led by Stonecourt Capital
Location Services Software & Internet Services • Round D • Boston, MA

HYCU raises $87.5MM led by Bain Capital Ventures
Cloud Software & Internet Services • Round A • Boston, MA

Zoomin Software raises $52MM led by General Atlantic
Publishing Software & Internet Services • Round C • New York, NY

Substack raises $65MM led by Andreessen Horowitz
Communications Software & Internet Services • Round B • San Francisco, CA

CrossChq raises $13MM led by Tiger Global Management
AI Software & Internet Services • Round A • Danville, CA

Sonar Software raises $12MM led by Craft Ventures
CRM Software & Internet Services • Round A • Atlanta, GA

Guided Therapeutics raises $2.1MM
Health Care Equipment • Round F • Norcross, GA

Recuro Health raises undisclosed funds led by OLSF Ventures
Health Care Software & Internet Services • Equity • Richardson, TX

Augmedics raises $36MM
Health Care Equipment • Round C • Arlington Heights, IL

Gryps raises $1.5MM
Construction Software & Internet Services • Seed • New York, NY

SuperRare raises $9MM co-led by 1Confirmation and Velvet Sea Ventures
Blockchain Software & Internet Services • Round A • Newark, DE

Cleo raises $40MM led by Transformation Capital
Consumer Software & Internet Services • Round C • San Francisco, CA

Athene Holding acquires J.C. Penney for $2.8BN
General Retail • Acquisition • Plano, TX

Big Hit Entertainment acquires Ithaca Holdings
Entertainment • Acquisition • Los Angeles, CA

Energy Capital Partners acquires Liberty Tire Recycling for $750MM
Industrial Services • Acquisition • Pittsburgh, PA

Bank of America acquires AxiaMed
Advertising & Marketing • Acquisition • Santa Barbara, CA

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