New York venture capital funding soars in Q3, led by tech companies
New York City-based tech firms raised a massive $4.0 billion in venture capital funding during the third quarter, a quarterly post-recessionary high.
November 06, 2018
- New York City-based tech firms raised a massive $4.0 billion in venture capital funding during the third quarter, a quarterly post-recessionary high. Funding was led by a collection of large transactions, as the number of tech deals was the lowest since 2013. Exercise hardware and video-streaming company Peloton raised $550 million during the quarter, while e-commerce platform Letgo raised an additional $500 million.
- Two real estate services companies also raised significant venture capital funding during the quarter: brokerage software firm Compass raised $400 million in Series F funding, while flexible space provider Convene raised an additional $152 million, bringing its total equity funding to date to $260 million. Convene also signed a 116,000-square-foot lease at 530 Fifth Avenue during the quarter, representing the company’s 12th New York City location and bringing its total footprint to more than 500,000 square feet in the city.
Source: JLL Research, PwC MoneyTree, Crunchbase