2021 was a red hot year for venture capital in America’s second-largest tech hub. New York-based VC firms raised an estimated $1.6 billion in funds in 2021, and venture-backed startups in the region raised more than $55 billion — up from $20.2 billion in 2020. The ecosystem also saw two of the largest traditional IPOs by deal size for venture-backed, NYC-based startups in the last decade: UiPath, which was founded in Bucharest before moving to the U.S., and Oscar Health. Five New York-based tech companies raised more than $300 million in 2021: robotic process automation startup UiPath, Healthtech startup Ro, risk-detection AI company Dataminr, text message marketing startup Attentiv, and website building startup Squarespace, which also went public in 2021. Corporate card startup Ramp joined New York’s unicorn club when it raised $115 million in an April 2021 Series B round, reportedly becoming New York City’s fastest-growing startup. It has since increased its total fundraising to $1.4 billion over eight rounds. 

New York-based WeWork is partnering with chambers of commerce and Tech:NYC to launch WeWork Growth Campus NYC to provide entrepreneurs with space and resources. WeWork has pledged $25 million and will provide space in 11 locations. In 2021, the Queens Chamber of Commerce created Queens Tech Council, a tech industry group that advocates for tech companies in the borough and works to raise awareness that tech careers are accessible to everyone. Tech Year NYC, a pilot program created by Tech:NYC in partnership with Girls Who Code and the NYC Mayor’s Office of Youth Employment, will provide paid work and mentorship opportunities at tech companies for 1,000 students.