New York City #2
"Record investment in New York startups is a testament to our city's unmatched entrepreneurial talent. Local tech continues to drive the city’s economy — a win for all New Yorkers."
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.
Ecosystem by the Numbers
AI, Big Data & Analytics
Reasons to Move Your Startup to New York City
START-UP NY offers new and expanding businesses the opportunity to operate tax-free for 10 years on or near eligible university or college campuses in New York. These companies’ employees will pay no state or local personal income taxes for the first five years on income up to $200,000 for individuals. Businesses also gain access to advanced research laboratories and industry expertise through these partnerships.
Selected Startup Organizations
Startup Genome Members
New York City Economic Development Corporation
Key Ecosystem Players
News from the Ecosystem
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