Primary Venture Partners closed a new fund to invest in seed-stage technology startups based in New York City.
The $100m fund is the second for co-founders Brad Svrluga and Ben Sun, who finished investing out of their first $60m seed fund earlier this year.
Primary is the only VC fund of scale to focus solely on New York City, which has witnessed a surge of VC activity over the last 10 years. From 2007 to 2017, NYC doubled its share of total VC deal count (now 10 % ) and quadrupled its share of total deal value (14 %V ). Additionally, venture rounds in the city are now 41 % larger than the national average, up from 33 % smaller a decade ago. As dollars invested in the city have grown, exit activity has followed suit and NYC-based companies accounted for one of every 10 venture-backed exits in 2017, compared to less than four percent in 2007.
Primary General Partners is a seed-stage venture capital firm focused on investing in transformative, NYC-based startups, in the journey from Seed to Series A and beyond.
Primary’s successes include seed investments in Jet.com, Ticketfly, TxVia and Coupang, and it counts some of New York’s most promising recent startups – including Slice, Mirror, Ollie, Latch, Vestwell, Electric and Bravely – among its portfolio.