Primary Venture Partners, a venture capital firm focused exclusively on investing in New York City startups, closed two funds.
This included:
- a $150M third seed fund dedicated to New York City startups and
- a $50m second Select fund.
Primary will use this third fund to invest in the most talented founders entirely from the New York City tech ecosystem as they work to build the next generation of transformational businesses.
The Select II fund follows Primary’s Select I fund with a strategy of investing in later-stage rounds of breakout portfolio companies from the firm’s core early stage funds.
In conjunction with the launch of the new funds, Primary also announced the appointment of Rebecca Price as Operating Partner (previously of Capsule and Enigma) and the promotion of Jason Shuman to Partner.
She joined co-founders Ben Sun and Brad Svrluga.
Primary’s current and previous portfolio companies include:
- Jet.com which was acquired by Walmart for $3.3B,
- Mirror, which sold to Lululemon for $500MM,
- K Health, which recently achieved Unicorn status with a $1.5B valuation and
- Latch, which is merging to go public via a Tishman Speyer SPAC that values the company at over $1.5 Billion.
- Slice,
- Vestwell,
- Chief,
- Electric, and
- Alloy.
The firm recently launched the NYC Founder Guide, a free resource available to anyone looking for insights on investors to talk to and vendors to work with, including a proprietary directory of over 100 profiles with active angel, pre-seed or seed investors. Additionally, Primary is launching a six-month, part-time NYC Founders Fellowship program with the goal of helping aspiring New York City founders meet mentors, structure their research, and engage in exploration of their business idea in order to get it off the ground. Primary takes no equity as part of the fellowship and is starting this initiative to support founders in New York City and give them the tools and structure to launch new companies.
FinSMEs
25/02/2021