NYC tech companies bag bundles of venture capital cash in 2013
Marking a five year high, venture capital funding in New York State surged nearly 50% to close to $3 billion in 2013, while the number of deals struck increased 12% to 396, according to a report by venture capital database CB Insights.
The lion’s share of those VC dollars $2.8 billion poured into New York City companies, most of them tech firms.
New York State remains No. 2 behind California, when measured by number of VC deals, and is No. 3 behind California and Massachusetts Nike Shoes , when ranked by total funding.
But Massachusetts got weaker last year even as New York plowed ahead. VC funding in the New England state fell by 1% and deals dropped by 5%.
But being a fundraising king was no guarantee of success.
“Money doesn’t buy execution,” Sanwal said.
Among the types of New York companies to get funded in 2013, Internet dominated, with nearly seven out of ten VC deals going to Internet firms. Mobile came in second with an 18% share of deals.
For the country overall, venture capital funding increased 3% to $29.2 billion Nike Shoes in 2013, but did not top 2011’s post recession high.
But a continued surge in early stage VC deals made 2013 the fifth straight year of record VC deal activity.
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