Recently, I had a conversation with a NYC based seed stage VC, who was lamenting that there aren’t enough NYC HQ’d VC firms who are leading Series A rounds for local startups.
Naturally, I asked the twitterverse a question on this topic, this was the response:
As you may know, the twitterverse can be wrong sometimes, so lets find some data. We did a query on Pitchbook with the following criteria:
- NYC HQ’d firms
- $100M+ fund that was raised in the past 3.5 years (typical deployment time frame)
- Led investments in NYC HQ’d startups at Series A stage ($4M+ size rounds)
- Excluded life science sector
The results provided us a total of 14 firms*:
- Bain Capital Ventures*
- Bessemer Venture Partners*
- Canaan Partners*
- Elephant Partners*
- FirstMark Capital
- General Catalyst*
- Greycroft Partners
- IA Ventures
- Lux Capital*
- RRE Ventures
- Thrive Capital
- Tribeca Ventures Partners
- Union Square Ventures
- Venrock Capital*
If you look at the number of Bay Area HQ’d VC firms, who are actively leading Series A investments in NYC HQ’d startups, that number is 20.
Ideally, you would have had more local Series A investors than non-local investors, so there seems to be room for a new Series A focused firm to set up shop in NYC.
*These firms have several offices across the US but have at least one investing Partner based in NYC. Notably, only half of the firms listed have the entire partnership based in NYC.
Thanks to our summer Intern, Lorel Sim, for pulling up the data.
P.S. – if you believe your firm should be part of the fourteen firms listed, please provide data to support the assertion, email me at sgoldman @ svb.com