Following in the footsteps of the reports that we have published on Canada, UK, Germany, France, Japan, and South Korea, we are delighted to share our newest report covering the NYC and US East Coast Venture Capital ecosystem. This report focuses not only on NYC but also includes Boston, which has been a long term power in the East Coast’s VC ecosystem, as well as emerging states including Florida, Georgia, North Carolina, Virginia, and the District of Columbia, each of which have had at least two companies raise mega-rounds of $100m or more.
VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...
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White Star Capital Eastern US Venture Capital Landscape 2019
1. Eastern US Venture Capital
Landscape 2019
From the eyes of an
International Investor
2. Eric Martineau-Fortin
Managing Partner
WHITE STAR CAPITAL
Lylan Masterman
General Partner
WHITE STAR CAPITAL
Sep Alavi
General Partner
Digital Asset Fund
WHITE STAR CAPITAL
White Star Capital 2
In this edition of our report, we aim to share both our continued
excitement for as well as long-standing commitment to New York City
and the North East of the United States of America. Since it was founded
in 2007, White Star Capital has invested across North America, Europe,
and now Asia, partnering with fantastic companies such as Dollar Shave
Club, Betaworks, Freshly, KeyMe, TheGuarantors, Drop Loyalty, Meero,
and Tier Mobility. This year, we welcomed two stellar companies into our
portfolio, with the added of Parsley Health and Spatial in New York City.
New York is one of the most important innovation ecosystem in the
world with a business environment second to none. We strongly believe
in its continued success, and intend to double down our presence at the
heart of global commerce."
No city in the world matches New York City’s combination of talent,
universities, consumers, Fortune 500 partners, startups, and
venture funding. Once focused on adtech and fintech, NYC’s startup
ecosystem has grown rapidly over the last decade into a truly all-
vertical ecosystem.Â
We are proud to continue investing in local startups and to be
an important partner in the next decade of growth for the local
ecosystem, including enterprise, AI/data, healthcare, finance, fashion,
media, insurance, consumer, and real estate. We will continue to help
New York's startups scale internationally, and to help companies from
across the world expand into New York.
New York is essential in terms of high growth and venture capital
investments and has always been on top of the next wave of
innovation. The city consistently reinvents itself to attract new jobs,
businesses and ideas at a fast pace.
Since 2008 New York City startup ecosystem has grown over 300%
and has become a fundamental part of the U.S tech industry. B2B,
e-commerce, Fintech and healthtech are some of the biggest growth
sectors in the city. NYC also serves to connect businesses and
talent with the most important markets in Europe. We look forward to
continue investing in this growing ecosystem and partnering up with
the next wave of successful companies."
NYC is home to 20 million people
speaking 800 different languages.
This ethnic and cultural diversity
spurs creativity across many fields
such as consumer products, finance,
healthcare and much more. This makes
each encounter in the NYC startup
ecosystem unique and exciting.
The business mindset of NYC
permeates into the ethos of local
venture-backed companies, both on
the consumer and enterprise side.
It’s exciting to see how much was
accomplished in the past ten years, and
to anticipate the next decade to come
Karolina Mrozkova
Associate
Eddie Lee
Senior Associate
The startup landscape in NYC has
largely matured in recent years, and
rivals that of Silicon Valley especially in
fast growing verticals such as FinTech
or Blockchain. This has continued to
attract attention from investors, and has
led to an increased amount of venture
firms setting up a local presence.
Thomas Klocanas
Senior Associate
3. White Star Capital 3
2019 News Highlights
Another big year for East Coast Tech
More unicorns created
in NYC
With 9 unicorns created during H1 2019,
this year is already a record year.
Largest acquisition in
Boston since 2005
GE Healthcare Life Sciences was acquired
for $21b by Danaher. It’s the largest
acquisition in Boston since 2005 with the
acquisition of Gillette by P&G.
Most of the prestigious
US universities are
located in the East Coast
64% of the top 50 national universities are
in the northeastern US.
Three important funds
were launched for a total
of $1.7b
Coatue Management and Lux Capital has
raised a total of $700m and $500m. Motive
Partners has raised an initial fund of $473m.
Datadog is the NYC
tech sector’s biggest
VC–backed IPO
Datadog’ share price rose by 39%.
NYC’s top 3 tech
acquisitions record a
total value of $3b
Harry’s was the most important acquisition
with a $1,370m deal value.
Uber introduce self-
driving cars in Pittsburgh
The company deployed around 100 cars
outfitted with self-driving equipment in
the city.
16.1% of the capital
invested in the East Coast
is raised by Unicorns
During H1 2019, $3,17b was raised by
unicorns, representing a 7.2% increase
compared to H1 2018.
Largest deal in Atlanta’s
history
By raising a $500m Series A, Mission Lane
raised Atlanta’s largest round since Kabbage
in 2017.
The pace of VC
investments in NYC
increases
VC invested in H1 2019 was equal
to 75% of full year 2018.
NYC Venture Capital Landscape
4. White Star Capital 4
Summary
Compared to other global hubs, New York’s ecosystem characteristics
make it a top city for VC in 2019
No.1
City for Fortune 500
companies1
Strong business environment
NYC Venture Capital Landscape
1st
For jobs in the tech sector2
Growing talent pool
2nd
In total startup presence, with
9,600+ NYC-based startups3
Booming market
2nd
In venture funding, with $9.9b
in 2018 alone4
Abundant capital
2nd
Most valuable ecosystem in
the world, at $64b3
Strong founders
120+
Public-sector initiatives,
incubators and accelerators3
Robust support network
Sources
1. Fortune 500 Research
2. HR&A 2016 NYC Tech Ecosystem
3. Startup Genome 2019 Global Report; ”ecosystem
value” defined as sum of all exits and estimated
startup valuations without double-counting,
2016–18
4. CB Insights research, including convertible note,
seed/angel, and series A – E+ financing rounds
5. White Star Capital
Section 1 Overview: NYC Venture Capital 7–14
Section 2 NYC Market Environment and Talent 15–27
Section 3 NYC Investment Landscape 28–35
Section 4 Boston US East Coast 36–43
Investment Landscape
5
Contents
7. White Star Capital 7
Source: CB Insights; Includes Angel, Seed and Series A-E+ deals
* Note: Founded in Romania, HQ moved to NY in 2017
VC funding increases
New York City VC activity in 2019 is expected to reach a record level in
investment amount, with the first half of 2019 alone already close to 2018’s total.
Deal volume and value
NYC Venture Capital Landscape
$4.4b
$7.2b $7.3b
$10.5b $9.9b
$15.2b
(E)
$5.4b
(E)
$5.2b
(E)
752
757
710
778
771 772 (E)
600
640
680
720
760
800
$0b
$5b
$10b
$15b
$20b
$25b
2014 2015 2016 2017 2018 2019 H1 2019 H1
France
$2.6b
(E)
2019 H1
Canada
2019 H1
Germany
NY Deal Value Estimated NY Deal No.
$12.0b
(E)
2019 H1
UK
$6.2m
$8.6m
$9.2m $9.3m
$11.9m
$18.1m
$2.0m
$2.5m $3.0m $3.3m
$4.2m
$7.5m
$0m
$4m
$8m
$12m
$16m
$20m
2014 2015 2016 2017 2018 2019 H1
Avg Median
Source: CB Insights; Includes Angel, Seed and Series A-E+ deals
Average and median deal size has climbed steadily. Notable late stage
deals in NYC include: Compass ($400m) and UiPath* ($225m).
8. White Star Capital 8
Source: CB Insights
1. 2019 YTD as of 9/21/2019
2. Excludes outlier Ant Financial Services Group (Hangzhou, CN) deal of $14,000M on 5/29/18
* Note: Cities where White Star Capital has offices
The global VC
landscape is shifting
San Francisco is increasingly competing for VC investment as Beijing and
Hangzhou emerge as global tech hubs. New York City maintains a strong
position globally as it was ranked 5th for deal value in 2018 and is ranked
3rd in 2019 YTD.
NYC Venture Capital Landscape
Total ($bn)
% of
Global
Total
Deals
Global Total $226.7 100.0 20,065
Beijing $23.6 10.4% 1354
Hangzhou2
$20.1 8.9% 340
San Francisco $18.6 8.2% 919
Shanghai $16.7 7.4% 794
New York City* $9.9 4.4% 771
Shenzhen $4.7 2.1% 460
London* $4.2 1.9% 649
Bangalore $4.1 1.8% 277
Paris* $2.0 0.9% 264
Total ($bn)
% of
Global
Total
Deals
Global Total $150.4 100.0 13,907
San Francisco $17.8 11.8% 667
Beijing $13.8 9.2% 627
New York City* $10.2 6.8% 547
Shanghai $6.7 4.5% 392
London* $6.5 4.3% 508
Bangalore $3.6 2.4% 246
Paris* $2.4 1.6% 195
Hangzhou $2.2 1.5% 163
Shenzhen $1.6 1.1% 237
Funding Deal Volume: 2018
% Deal Volume by Stage: 2019 YTD
Funding Deal Volume: 2019 YTD1
New York has experienced significant overall growth in its share of seed
stage investments, positioning the ecosystem competitively against other
global tech hubs.
Seed Series A Series B Series C Series D+
Beijing 40% 33% 16% 7% 4%
San Francisco 43% 25% 14% 8% 5%
New York City* 45% 26% 13% 7% 9%
Bangalore 52% 19% 9% 10% 10%
London* 60% 23% 9% 4% 4%
Paris* 7% 18% 25% 36% 14%
9. $1.0m
$5.0m
$9.1m
$15.0m
$25.0m
$1.1m
$8.0m
$15.3m
$25.0m
$50.0m
$0m
$10m
$20m
$30m
$40m
$50m
$60m
Seed Series A Series B Series C Series D
2014 2015 2016 2017 2018
White Star’s Focus
0.98%
CAGR
9.86%
CAGR
10.95%
CAGR
10.76%
CAGR
14.87%
CAGR
White Star Capital 9
Source: CBInsights
Funding growth in larger
rounds
With the exception of seed stage deals, median deal value has increased
significantly in New York City, illustrating increasing investor appetite to
fuel high-growth companies locally.
Investors from across the US are leading large investment deals in
New York City. NYC based companies today have a number of locally-
based VCs as potential leads as they enter growth stage.
Median deal value in NYC: 2014-2018
Representative NYC leads of $25m+ rounds
NYC Venture Capital Landscape
10. White Star Capital 10
Source: CB Insights
* Note: Founded in Romania, HQ moved to NYC in 2017
Mega rounds are becoming more common
New York City now sees more than 10 mega rounds ($100m)
every year, and is well past that count in H1 2019.
Number of NYC Mega Rounds
2
3
10 10
15
13
16
2013 2014 2015 2016 2017 2018 H1-19
Mega rounds have been raised across diverse sectors
throughout the last few years.
Ad Tech Ai Real Estate
Fashion Insurance Healthcare
Fintech E-Commerce Other
2018: $225m 2018: $225m
2016: $105m 2017: $115m
2015: $125m
2018: $101m 2015: $130m
2018: $392m
2018: $225m
2019: $568m
2018: $152m 2018: $400m
2019: $370m
2017: $1,700m
2019: $1,000m
2019: $100m
2019: $125m 2017: $165m 2018: $165m
2016: $400m
2019: $300m
2017: $120m
2015: $130m 2014: $130m
2016: $175m
2016: $100m 2017: $107m
2017: $126m 2019: $114m
2019: $100m 2019: $100m 2018: $115m 2019: $100m
2019: $100m 2018: $111m 2018: $100m 2017: $200m
2016: $220 2018: $112m 2017: $100m 2015: $275m
2019: $150m
2019: $100m
2015: $100m
NYC Venture Capital Landscape
*
11. 11
Source: CB Insights, NY-based companies valued over $1b USD
* Note: Datadog attained unicorn status after its IPO in 9/19/2019
** Note: Founded in Romania, HQ moved to NY in 2017
White Star Capital
New York City is creating more
unicorns than ever before
In the first half of 2019 alone, 9 new companies in New York City
surpassed $1b valuations.
2019 H1
9 Unicorns
2018
4 Unicorns
2017
4 Unicorns
2016
3 Unicorns
2015
7 Unicorns
2014
2 Unicorns
2013
1 Unicorns
NYC Venture Capital Landscape
**
*
12. 12
Source: CB Insights, Pitchbook
White Star Capital
2018 saw record-level exits of VC-backed
New York City companies, and 2019 is on
track to surpass previous year
18
37
59 52 50
66 67
58
84
45
2
1
2
4 5
1 2
4
4
4
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1
MA IPO
NYC’s top VC-backed acquisitions (as of Nov. 11)
Target Exit Price ($bn) Exit Year Founded Acquirer
$3.3 2016 2014 Walmart
$2.0 2018 2007 ATT
$1.9 2018 2012 Roche
$1.2 2015 2008 Dell EMC
$1.0 2019 2015 Facebook
NYC’s top VC-backed public companies by IPO year (as of Nov. 11)
2014 2015 2017 20192018
NYC Venture Capital Landscape
13. 13White Star Capital
Startups across the world
open offices in NYC
For startups all over the world, NYC is a central entryway into the US
market. 40% of the startups with an office in NYC are headquartered in
a different global hub.
Companies that started outside the US that have moved their HQ to NYC:
NYC 60%
North America* 21%
Europe 13%
Israel 3%
Asia 2%
Rest of the world 1%
A selection of global startups that have either opened offices in or relocated
their headquarters to NYC:
Global HQ’s of startups with an office in NYC:
17 employees
in NYC (43%)
237 employees
in NYC (8%)
103 employees
in NYC (5%)
57 employees
in NYC (11%)
International startups with NYC presence:
106 employees
in NYC (26%)
81 employees
in NYC (25%)
110 employees
in NYC (9%)
**
**
66 employees
in NYC (4%)
Source: Pitchbook: Company with at least one office in NYC that has raised capital since 01.01.2014
* Note: Excludes NYC
** Note: WSC portfolio companies
NYC Venture Capital Landscape
14. 14White Star Capital
The White Star Capital
model for a venture
capital ecosystem
The following sections will dive into the high-level categories that
we at White Star Capital believe constitute a vibrant VC ecosystem.
Market
Government
Talent
Capital
Naturally occurring, uncontrollable
aspects of the landscape
Key Characteristics
• Size and growth
• Business environment
• Tailwinds or headwinds
Controllable, human-led aspects of
the landscape
Key Characteristics
• Government led incubators
and hubs
• Workforce initiatives
• Regulations and incentives
The abundance of strong founders
and employees and the underlying
initiatives supporting them
Key Characteristics
• Universities
• Major corporates
• Pool size and breadth
Financing available in the market
Key Characteristics
• Angel investors
• Presence of funds across sectors
and stages
• Access to international funding
1.
3.
2.
4.
NYC Venture Capital Landscape
16. 16
Source: Pitchbook; Includes Angel, Seed and Series A-E+ deals
* Note: Founded in Romania, HQ moved to NYC in 2017
** Note: WSC portfolio companies
White Star Capital
Snapshot of New York
City’s strongest subsectors
over the past 3 years
Investment Activity Start-ups
$1.5b
$0.9b
$1.9b
73
108
167
0
50
100
150
$0b
$1b
$2b
$3b
$4b
2016 2017 2018
Deal Amount ($bn) Deal Volume
Fintech
E-Commerce
AI / Data
Digital Health
Deal Amount ($bn) Deal Volume
$0.7b $0.8b
$2.5b
66
89
110
0
50
100
150
$0b
$1b
$2b
$3b
$4b
2016 2017 2018
Deal Amount ($bn) Deal Volume
$0.9b $1.4b $1.8b
80
97 101
30
80
130
180
$0b
$1b
$2b
$3b
$4b
2016 2017 2018
Deal Amount ($m) Deal Volume
$274m $748m $798m
57
48 53
0
20
40
60
80
100
$0m
$500m
$1,000m
$1,500m
$2,000m
2016 2017 2018
NYC Venture Capital Landscape
*
**
**
17. 17
Source: Fortune 500
White Star Capital
New York City is an
industry melting-pot
96 Fortune 500 companies have their global headquarters in NYC, and
constitute a diverse backbone to the city’s unique business environment.
Finance
Insurance
Media
Consumer
brands
NYC Venture Capital Landscape
18. 18
Sources: HRA 2016 NYC Tech Ecosystem, Savills World Research, Tech Cities in Motion 2019
White Star Capital
New York City tech
ecosystem is booming
Jobs in NYC’s tech sector have grown 3x the US national rate over the
past decade, and NYC’s overall job growth has also maintained a 10%
lead compared to US total.
NYC vs. US Job Growth, 2006-2016
NYC US
Tech echosystem Tech economy
30%
10%
16%
5%
30
25
20
15
10
5
0
0%jobgrowth
Ranking it against other global hubs on 100 individual metrics in 6 categories,
Savills indexes NYC as the world’s top tech environment in 2019.
0 20 40 60 80
Paris
Tokyo
Stockholm
Toronto
Los Angeles
Singapore
Boston
London
San Francisco
New York Business Environment
Tech Environment
City Buzz/Wellness
Talent Pool
Real Estate Cost
Mobility
Savills Top Tech Cities Index
NYC Venture Capital Landscape
19. 19
Sources: Forrester, 2018 US Tech Talent Hotspots, HRA 2016 NYC Tech Ecosystem, Crain’s New York Business 2019 Report
(1) Note: This share includes all tech jobs at firms like financial institutions, hospitals, government agencies, media companies,
and other key sectors of the economy
White Star Capital
New York City’s deep and well-rounded
talent pool makes it a strong alternative
to the Bay Area
Leading by 23,000 jobs, NYC’s tech talent market is a strong
alternative to the Bay Area, and is the largest in the US.
NYC Venture Capital Landscape
NYC Tech Jobs by Role, 2018
0 20,000 40,000 60,000 80,000 100,000
App developers
Tech managers
Tech analysts
Network specialists
Database administrators
Security specialists
New York City Bay Area Washington, D.C. Seattle Atlanta
Nearly half of all NYC tech roles (47%) exist to drive the digital evolution of
companies whose core business is not tech-producing1
(non-tech industries),
such as financial services. For instance, Goldman Sachs alone currently employs
9,000 computer engineers and programmers, comprising roughly 25% of its staff.Â
Tech Roles in Non-Tech Industries
151,000 (47%)
Example: Web Developer at
Goldman Sachs
Tech Roles in Tech Industries
73,000 (22%)
Example: Software Engineer at Google
Non-Tech Roles in Tech Industries
102,000 (31%)
Example: Sales Representative at Etsy
NYC Tech and Non-Tech Industry Comparison, 2018
20. Harvard University MIT University of Pennsylvania
Princeton UniversityYale UniversityNYUColumbia University
Brown University
White Star Capital 20
Talent flows into New York City’s
startup ecosystem from prestigious
northeast-corridor universities…
64% of the top 50 national universities are in the northeastern US – a
region of innovation which feeds NYC. Many of the most successful NY-
based unicorns in every sector have been founded by alumni from these
prestigious universities.
NYC Venture Capital Landscape
NYC Unicorns Founded by Alumni
50 Universities in the Northeast
New York City
North East Corridor
New York State
21. White Star Capital 21
Source: Crunchbase, Cornell Tech
…whose initiatives directly
breed tech talent
Top Northeastern Universities have begun to launch projects explicitly
oriented toward advancing modern tech and entrepreneurial skills,
in and outside of NYC.
NYC Venture Capital Landscape
Opening September 2019, the new college at MIT aims to produce
an era of “bilingual” graduates – experts not only in their primary
field, but also in computing and AI. The College is set to reorient
MIT to deliver the latest advances in computer science and
artificial intelligence.
North East
NYC
Since 2017, Cornell’s Roosevelt Island campus has offered
graduate degrees that integrate tech, business and law, aiming
to bring graduate education into the digital age. Cornell Tech’s
Runway Startup Program has already yielded +60+ NYC-based
companies that have raised over 75$m in follow-on funding and
employ over 370 people.
NYU Future Labs is a network of incubators, accelerators and
lab-to-market programs focused on increasing the success rate
of early founders tackling problems in the most burgeoning tech
fields– AI, AR, Cybersecurity, Clean Energy, Smart Cities and more.
Future labs also offers startups direct mentorship from leading
NYU faculty, and subsidizes high-achieving NYU students to intern
with startups at no cost to founders.
The Columbia-IBM Center for Blockchain and Data Transparency
aims both to support cutting-edge research in the underlying
technologies that allow secure data sharing, and also to create
new business models, services, and policies, and start-ups
to commercialize that innovation. In collaboration with IBM
employees and researchers, the Center provides not only
entirely data-centric courses across the university, but access to
internships, hack-a-thons, challenges and research resources.
22. White Star Capital 22
Source: NYC Tech Talent Pipeline 22
New York’s City Government is also
helping upskill the talent pool
NYC Tech Talent Pipeline is a government-sponsored organization that,
in partnership with industry leaders from 60+ companies, has launched a
variety of programs to equip New Yorkers with modern tech skills, and to
evolve tech-education in the City on the whole.
NYC Venture Capital Landscape
CUNY Tech Prep, an
industry-informed
full stack JavaScript
program aimed
at teaching CUNY
students in-demand
tech skills, and
exposing them to
real-world software
development
TTP Residency,
a three-month program
providing Hunter,
Lehman and City
College students with
on-the-job experience,
and delivering industry
feedback to inform
NYC schools’
curricula
The Data Analyst
Training Accelerator
(DATA) at Galvanize
is a free, full-time,
18-week training
program designed
to equip under/
unemployed New
Yorkers with data
science skills
The NYC Web
Development
Fellowship at Fullstack
Academy is a program
to prepare New Yorkers
to launch careers as
front end, backend
or full stack web
developers
23. White Star Capital 23
Source: Crunchbase; Muck Rack
New York City’s Partners drive
the narrative of Venture Capital
The New York City ecosystem counts some of the most vocal thought
leaders on social media, and most published investors. Below is a
selection of globally influential New York Partners.
NYC Venture Capital Landscape
Fred Wilson
Together, NYC’s most followed partners have 1M+ twitter followers
Albert Wenger
Most active at publishing thought leadership articles
John Borthwick Jeremy Levine Alan Patricof Chris Fralic
Most frequently mentioned in the leading press
Eric Hippeau Susan Lyne Roger Ehrenberg
Fred Wilson Albert Wenger Josh Wolfe
John Borthwick Jeremy Levine Alan Patricof Chris Fralic
Matt Turck Eric Hippeau Susan Lyne Roger Ehrenberg
David TischDavid Tisch
24. White Star Capital 24
More of New York City’s prominent Partners
NYC Venture Capital Landscape
Joshua Kushner Stuart Ellman Andrew Weissman
Jeff Lieberman
Nimay Mehta
Ellie Wheeler
Graham BrownTony Florence
Fabrice Grinda
Benjamin Sun
Matt Higgins
David Pakman
Nisha Dua
Anton Levy
Brian Hirsch
Nihal Mehta
Harley Miller
Adam Goulburn
Beth Ferreira
Scott Shleifer
25. White Star Capital 25
More of New York City’s prominent Partners
NYC Venture Capital Landscape
Aaron Holiday Kyle Sullivan Zak Scharzman
Wes Barton
Scott Birnbaum
Kevin Ryan
Nelson SchubartGreg Neufeld
Serge Milman
Michael Loeb
Alex Binkley Ryan Darnell
John Frankel
David Goldberg
Andrew Boszhardt
Nicholas Chirls
26. 14 15
27
30
47
72
100
85 84
98
109
0
20
40
60
80
100
120
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
DealCount
New York San Francisco Los Angeles Boston
White Star Capital 26
Source: Pitchbook, The VC Female Founders Dashboard. Includes female-only and female co-founded startups
New York’s female tech
talent is unparalleled
NYC’s female founders have made significant gains over the last decade,
with both deal count and capital invested for female-founded startups
increasing 6.5x and 11x respectively from 2008 – 2018.
NYC Venture Capital Landscape
2008-2018 Female Founder Support in NYC
$187m $117m
$254m
$557m $506m
$991m
$1,200m
$1,500m
$1,700
$1,800m
$2,300m
38 42
69
121
167
225
299
284
254
282
293
0
50
100
150
200
250
300
350
$0m
$500m
$1000m
$1500m
$2000m
$2500m
$3000m
$3500m
$4000m
$4500m
$5000m
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Capital Invested ($m) Deal Count
NYC far outpaces other US hubs in number of female-founded startup
deals – including the Bay Area, where total startup count is higher.
2008-2018 Comparative Female Founder Deal Volume
27. White Star Capital 27
Source: Female Founders Fund
New York-based female founders find
success in all sectors, from healthcare to
fashion to insurance…
NYC Venture Capital Landscape
2013
1 Series A round raised
by a female founder
(Shan-Lyn Ma)
x19
2017 2018
13 Series A rounds raised
by a female founder
19 Series A rounds raised
by a female founder
Jennifer Fleiss
Jennifer Hyman
Co-Founders
Payal Kadakia
Co-Founder, CEO
Robin Berzin
Founder, CEO
Danielle Weisberg
Carly Zakin
Co-Founders
Eliza Blank
Founder, CEO
Jennifer Fitzgerald
Co-Founder, CEO
28. White Star Capital 28
Source: Women in VC as of November, 2019
…and are matched by a strong
network of female investors
Female investors power the NYC startup scene at various levels of seniority,
from associate through partner. Below is a selection of female investors
active in NYC.
NYC Partners There are 107 Female Partners in NY
Anu DuggalRebecca Kaden Courtney Robinson Hayley Barna
Alice Lloyd George Crissy Costa Loren Straub Caitlin Strandberg
NYC Principals There are 50 Female Principals in NY
NYC Associates There are 96 Female Associates in NY
Karolina Mrozkova Corinne Spears Lily Bernicker Megan Maloney
NYC Venture Capital Landscape
30. 30White Star Capital
Founders can rely on a wide variety of
New York Angels for early-stage investment
A spotlight on NYC’s most active angel investors – unicorn founders and
business magnates who themselves, as well as their portfolio companies,
are based in NYC.
NYC Venture Capital Landscape
Esther Dyson
Geoff Judge
Nat Turner
Joanne Wilson
Bob Pittman
Michael
Lazerow
Angel Investor Representative NYC Investments
Source: CB Insights
31. White Star Capital 31
Source: CB Insights; considers NYC HQ Incubators/Accelerators and deals with NYC-HQ companies.
*Note: Company was formerly known as Grand Central Tech
As well as a strong network
of incubators and accelerators
Total NYC Incubator Accelerator Deals
144
89
45
40
30
29
21
14
13
12
11
8
8
7
Entrepreneurs Roundtable Accelerator
NYU Future Labs
Company*
Blueprint Health
Food-X
FintTech Innovation Lab
XRC Labs
NY Digital Health Accelerator
Almaworks
New York Fashion Tech Lab
MetaProp NYC
INV Fintech
ELabNYC
Alexandria Launch Labs
NYC Venture Capital Landscape
A wide range of NYC-based startups have gone on to successfully raise
additional funding with the foundational support of NYC accelerators
Accelerator Company Total RTD ($m)
$286m
$139m
$130m
32. White Star Capital 32
Source: New York Ventures, New Lab
And the direct support
of the public sector
NYC Venture Capital Landscape
NY Ventures is a government body which administers the State’s innovation
investment funds, and partners with industry leaders and investors to grow
NY-based ventures.
Innovation Venture Capital Innovation Tech Commercialization
Vehicle: Direct equity investments Vehicle: Fund-of-funds
AUM: $100M AUM: $8M
Description: Invests in seed-/early-stage
businesses with a focus on strategic
industries (e.g., IT, life sciences, clean
energy, advanced manufacturing, etc.)
Description: Provides funding to pre-seed
stage companies across New York State
to incentivize commercialization and new
business formation
Startups in NYC also find support at innovation zones outside Manhattan
– like New Lab, an 84 thousand sq. foot coworking community in Brooklyn.
New Lab is home to a diverse membership of over 760 early-stage startup founders.
To date, New Lab has helped its members raise over $450m from 270+ investment
partners, counting over $350m of successful exits and a collective valuation of $1.7b.
Other 5-Borough Innovation Zones
33. 36
36
37
37
39
40
42
57
63
66
67
84
85
101
155
Compound
Female Founders Fund
Union Square Ventures
RiverPark Ventures
Tribeca Venture Partners
BBG Ventures
RSE Ventures
Primary Venture Partners
FirstMark Capital
Thrive Capital
FJ Labs
RRE Venture
Greycroft
BoxGroup
Lerer Hippeau
Total Deals
33
Source: Pitchbook; excludes healthcare-only VCs
White Star Capital
At the institutional level, Lerer Hippeau and
Box Group lead early-stage funding activity
NYC Venture Capital Landscape
Most active NYC VC firms by total NYC deals, 2014-18
More of New York City’s active Pre-seed / Seed focused VC Firms
34. White Star Capital 34
Source: PitchBook; considers NYC HQ VCs with funds closed since 1/1/2014; excludes healthcare-only and Growth VCs
NYC’s largest 20 firms all have $100m+
funds, with Coatue leading the pack
NYC Venture Capital Landscape
Firm Name Fund Size Key General Partners in NY
Coatue Management Philippe Laffont, Daniel Senft
Lux Capital Josh Wolfe, Adam Goulburn
Venrock Nick Beim, David Packman
Spark Capital Santo Politi, Alex Finkelstein
Bedrock Capital Eric Stomberg
FirstMark Rick Heitzmann, Amish Jani, Matt Turck
RRE Ventures Jim Robinson, Suart Ellman, William
Porteous
Elephant Partners Andrew Hunt, Peter Fallon, Julie Effron
StarVest Deborah Farrington, Laura Sachar, Liza
Benson
Nyca Investment John C. Morris, David Sica
CAVU Venture Partners Brett Thomas
Inspired Capital Alexa von Tobel, Mark Batsiyan, Lucy
Grayson Delan
Greycroft Alan Patricof, Ian Sigalow, John Elton
USV Brad Burnham, Albert Wenger, Fred Wilson
White Star Capital Eric Martineau-Fortin, Lylan Masterman,
Sep Alavi
First Round Capital Howard Morgan, Chris Fralic
FJ Labs Fabrice Grinda
Rosecliff Ventures Partners Mike Murphy, Michael Caso
IA Ventures Roger Ehrenberg, Brad Gillespie, Jesse
Beyroutey
Valar Venture Andrew McCormack, James Fitzgerald$150m
$160m
$175m
$180m
$180m
$200m
$200m
$200m
$209m
$210m
$244m
$250m
$265m
$275m
$350m
$400m
$400m
$500m
$700m
$175m
35. 35
1 Includes corporate venture capital firms with an office in NYC, investing in NYC-based companies; includes branches of non-NYC-based investors
White Star Capital
CVCs invest across a range
of sectors in New York…
NYC is a corporate venture melting-pot: CVC arms support founders
in a diverse array of ecosystems, even outside their core industry.
NYC Venture Capital Landscape
Selected NYC Corporate VCs1
Telecom / Media
Industrial Tech/IoT
HealthTech
Consumer
FinTech
SaaS
36. White Star Capital 36
…and add unique value
to their portfolios
Spotlight: Comcast Ventures
NYC Venture Capital Landscape
Investing across all stages, Comcast Ventures works jointly with Comcast’s
other subsidiaries, providing their portfolio founders privileged access to
premier media assets and inroads to growth.
Spotlight: Goldman Sachs
Goldman Sachs leverages its immense resources, networks and expertise
to provide founders an immediate suite of resources they could not
otherwise acquire.
Network
Resources:
Expertise
Other late-stage investors,
potential acquirers, customers
Various financing methods,
credit, GS franchise
In-house advisors, top industry
experts, implementation teams
38. White Star Capital 38
Source: CB Insights; Includes Angel, Seed and Series A-E+ deals
The East Coast’s second largest hub,
Boston’s VC ecosystem has remained
strong through 2018…
NYC Venture Capital Landscape
$1.6b
$2.1b
$2.6b $2.7b
$3.4b
210
219
187 178
210
0
50
100
150
200
250
$0b
$1b
$2b
$3b
$4b
$5b
$6b
2014 2015 2016 2017 2018
Deal Value ($b) Deal count
Deal volume and value
Source: CB Insights; Includes Seed, Angel and Series A - E+ deals
$8.2m
$10.2m
$15.0m
$16.3m
$17.5m
$2.7m
$4.0m $4.3m
$6.0m
$5.5m
$0m
$2m
$4m
$6m
$8m
$10m
$12m
$14m
$16m
$18m
$20m
2014 2015 2016 2017 2018
Avg ($m) Median ($m)
Average and median deal size
Boston’s median deal values have been increasing at every stage, illustrating
a growing investor appetite to fuel companies locally.
Median deal value in Boston: 2014 - 2018
2014 2015 2016 2017 2018
$1m
$4m
$9m
$12m
$25m
$2m
$10m
$20m
$31m
$67m
$m
$10m
$20m
$30m
$40m
$50m
$60m
$70m
$80m
Seed Series A Series B Series C Series D
23.36%
CAGR
20.11%
CAGR
17.06%
CAGR
21.52%
CAGR
21.79%
CAGR
39. White Star Capital 39
Source: CB Insights
…and features leading firms and
rapidly growing startups
Boston Mega Rounds and New Unicorns (2013 to H1 2019)
NYC Venture Capital Landscape
In Boston, both the number of $100m+ financing rounds and unicorn
companies have increased
Leading VC Firms in Boston
Companies Sector
Mega Round
Years
Latest Mega
Round Amount
Total Funding
Latest reported
Valuation
Marketing 2019 $150m $159m Undisclosed
FoodTech 2018 / 2019 $150m $320m $1,250m
FinTech
2017 / 2018
2019
$250m $503m $2,700m
AI 2018 $100m $224m Undisclosed
FinTech 2018 $100m $143m Undisclosed
Healthcare 2018 $100m $223m Undisclosed
FinTech 2018 $110m $246m $3,000m
Communication
2016 / 2017
2018
$150m $481m $400m
Telecom N/A N/A $163m $1,290m
Healthcare 2016 / 2017 $275m $436m $1,000m
AI 2017 $100m $189m $900m
Robotics 2017 $214m $214m Undisclosed
Healthcare
2012 / 2014
2016 / 2017
$103.6m $1,362m $3,803m
Gaming
2015 / 2016Â
2017
$100m $728m $701m
Healthcare 2016 $291m $507m Undisclosed
E-Commerce 2014 $157m $358.3m $2,400m
40. White Star Capital 40
* Note: Boston-based companies
Boston is a major hub for talent, both for
capable founders and influential investors
NYC Venture Capital Landscape
15 East Coast companies that have achieved unicorn status since
2013 have at least one founder who studied in the Boston area.
Most influential Partners
Most frequently mentioned in the leading press
5 Unicorns
8 Unicorns
2 Unicorns
1 Unicorn
Some of the most prominent thought leaders in VC reside in Boston,
including 3 partners on the 2019 Midas List. Below is a selection of
globally influential Bostonian partners.
Joel Cutler Neeraj Agrawal Eric Paley Bob Davis
Jeff Immelt Darren Black Jeff Bussgang Bijan Sabet
*
*
*
*
*
41. White Star Capital 41
Source: CB Insights
* Note: States included are in the Eastern Time Zone: Connecticut, Delaware, Florida, Georgia, Maine, Maryland, Michigan, New Hampshire, New Jersey,
North Carolina, South Carolina, Ohio, Pennsylvania, Rhode Island, Virginia, DC
Outside NYC and Boston, VC activity
in the US East Coast region* remains
strong overall…
NYC Venture Capital Landscape
Deal volume and value
Source: CB Insights; Includes Seed, Angel and Series A – E+ deals
Avg ($m) Median ($m)
$4.9m
$5.9m
$6.9m
$6.3m
$8.1m
$9.7m
$1.2m $1.4m $1.5m $1.5m
$2.0m $2.1m
$0m
$2m
$4m
$6m
$8m
$10m
2013 2014 2015 2016 2017 2018
Average and median deal size
Similarly, the East Coast’s median deal values have also been increasing
significantly over the past 5 years.
Median deal value in East Coast*: 2013-2018
2013 2014 2015 2016 2018
$0.4m
$2.5m
$5.0m $5.1m
$10.9m
$0.5m
$5.0m
$10.0m
$11.5m
$18.8
$.0m
$.5m
$1.0m
$1.5m
$2.0m
$2.5m
Seed Series A Series B Series C Series D
2017
2.72%
CAGR
12.62%
CAGR
12.25%
CAGR
14.51%
CAGR
9.51%
CAGR
Deal Value ($b) Deal count
$4.7b
$5.9b
$6.7b
$5.4b
$7.0b
$8.7b
1,074
1,139
1,061
971
1,035 1,055
0
200
400
600
800
1,000
1,200
$1.0b
$3.0b
$5.0b
$7.0b
$9.0b
$11.0b
$13.0b
$15.0b
2013 2014 2015 2016 2017 2018
42. Companies Sector
Mega Round
Years
Latest Mega
Round Amount
Total Funding* State
Augmented
Reality
2014 / 2016
2017 / 2018
$461m $2,354m
Florida
Cybersecurity 2019 $300m $393m
Travel Tech 2016 $105m $155m
Fintech 2015 / 2017 $250m $490m
Georgia
Cybersecurity 2013 $200m $225m
Fintech 2019 $200m $200m
Blockchain 2018 $183m $183m
HR 2018 $125m $125m
Fintech 2015 / 2017 $300m $574m
North Carolina
Telecom 2017 $170m $267m
Healthcare 2014 $400m $433m
VirginiaHR Tech 2016 $100m $179m
Healthcare 2013 $100m $128m
Cybersecurity 2015 $250m $301m Maryland
E-Commerce 2015 $500m $685m New Jersey
Restaurant 2018 $284m $448m
D.C.
Education Tech 2017 $190m $251m
Auto Tech 2017 $164m $225m
Education Tech 2018 $110m $117m
E-Commerce 2013 $110m $920m
White Star Capital 42
Source: CB Insights, excludes biotechnology and Pharma companies,
* Note: Include only VC Rounds
… featuring mega rounds closing in
states across the region…
East Coast Mega Rounds (2013 to H1 2019)
NYC Venture Capital Landscape
43. NYC Venture Capital Landscape 43
… financed by both regional
international VC’s with presence
all along the coast
Source: Pitchbook; Last Fund Size
White Star Capital
Pennsylvania
Comcast Ventures $750m
SRI Capital $100m
Birchmere Ventures $39m
Maine
North Atlantic Capital $123m
Michigan
Arboretum Ventures $252m
Beringea $180m
Invest Michigan $180m
Ohio
Drive Capital $307m
River Cities Capital Funds $200m
Draper Triangle $79m
Virginia
Grotech Ventures $225m
Vensana Capital $225m
Razor's Edge $159m
Georgia
svb Financial Group $392m
Noro-Moseley Partners $180m
Fintech Ventures Fund $100m
Florida
Fulcrum Equity Partners $204m
Ballast Point Ventures $164m
Anzu Partners $128m
North Carolina
AGR Partners $500m
SJF Ventures $125m
YL Ventures $120m
D.C.
NEA $3,500m
The Rise Fund $2,100m
Intellectual Ventures $930m
Maryland
JMI Equity $1,200m
Syncom Venture
Partners
$275m
Questmark Partners $152m
New Jersey
Edison Partners $365m
New Venture Partners $303m
SOSV The Accelerator VC $238m
Connecticut
Canaan Partners $800m
Catterton $615m
Oak Investment Partners $500m
44. White Star Capital 44
The East Coast is a hotbed of impressive
founders and influential investors
11 companies that have achieved unicorn status since 2013 have at least one
founder who was educated at an East Coast university outside of NYC and Boston.
NYC Venture Capital Landscape
The East Coast also features some of VC’s most vocal thought leaders on
digital media, both in early and late stage investment. Below is a selection
of globally influential East Coast partners.
Dan Gilbert
Detroit
Andy Slavitt
Baltimore
Ryan Howard
Philadelphia
The most followed East Coast Partners on social media
Most frequently mentioned in the leading press
Julius Genachowski
Washington DC
Josh Kopelman
Philadelphia
2 Unicorns
2 Unicorns
2 Unicorns
2 Unicorns
2 Unicorns
2 Unicorns
Paul Judge
Atlanta
46. 46
Introduction to
White Star Capital
White Star Capital is a transatlantic fund investing in Series A and B.
Our footprint is global: we have 6 offices in the world in New York, Paris,
London, Montreal, Tokyo and Hong Kong.
We are partnering with exceptional entrepreneurs with global ambitions and
leverage our extensive experience and international networks to help them
scale their business internationally. Our investments in the US include Dollar
Shave Club, KeyMe, Parsley Health, Guarantors, Spatial and Freshly.
We leverage
our experience
founding and
scaling businesses
to support the
internationalization
of our start-ups.
I18N
With a presence
in North America,
Western Europe
and East Asia, we
invest in early stage
companies with
global ambitions.
3 Continents
Our current funds
have close to $300m
under management
and a portfolio of
25+ core companies
which have raised
over $1bn+.
Track Record
An ideal balance
between
entrepreneurial
and operational
experience with
financial and MA
experience.
Team
White Star Capital
Global Presence and Portfolio
Canada
Physical Hubs Core Hubs
United States France, Germany, ROE
United Kingdom Nordics
East Asia
47. White Star Capital 47
Other White Star Capital
Country Deep Dives
We actively publish detailed reports on different VC Ecosystems
French Venture Capital
Landscape 2019
Japanese Venture Capital
Landscape 2018
UK Venture Capital
Landscape 2019
Canadian Venture Capital
Landscape 2019
German Venture Capital
Landscape 2018
South Korean Venture
Capital Landscape 2018