Funding hit $4.5 billion into NY last year - up 53% YoY. Here's where it went.

Venture capital investment in New York ballooned in 2014, rising 53% year-over-year on 7% more deals. No one quarter drove the funding jump with NY seeing steady and strong performance throughout the year. Each of the last 3 quarters in 2014 saw venture investors put $1B or more into New York-based companies highlighting what appears to be a new normal in NY.

In total, New York companies raised $4.5B across 422 deals over the twelve months.

Using CB Insights data, here are the top sectors and stages for deal and funding activity in NY in 2014.

The data below.

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New York dominated by Internet sector. Takes 6 of 10 deals

Venture-backed deals in New York skewed heavily toward tech in 2014. In fact, 63% of deals in New York went to Internet firms in 2014. Mobile saw an increased deal share for the second straight year at 19%, coming in at a solid #2 to Internet in NY.

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Funding followed deals as 2014 saw 67% of venture capital dollars in New York go to the Internet sector, followed by Mobile & Telecom at 9% of funding share. Business Products & Services were buoyed by a combined $512M in funding to co-working space WeWork.

ny20143Seed deals up. Series A declines for 3rd straight year.

Seed deal share grew from 34% to 40% of all New York VC deals in 2014. Series A deal share decreased for the third straight year, falling from 31% in 2012 to 28% in 2013 and reaching just 26% in 2014. Series C deal share dropped from 11% in 2013 to 7% in 2014.

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With huge deals including Flatiron Health in 2014, Series B jumped to a 32% funding share for the year. Series E+ funding share saw modest growth to 19% funding share behind large deals including now-public OnDeck Capital.

ny20145The Largest 2014 New York VC deals – WeWork is on top

New York saw multiple nine-figure deals in 2014. Top deals covered a broad array of industries ranging from eCommerce to Media to Finance. Real estate venture, WeWork, which offers co-working spaces, had 2 of the 3 largest NY deals of the year.

Top New York  Deals: 2014
Company Round Amount ($M) Quarter
WeWork Series B $355 Q4’14
Vice Media Growth Equity $250 Q3’14
WeWork Series A $157 Q4’14
Flatiron Health Series B $130 Q2’14
Oscar Health Insurance Co. Series A $80 Q2’14
OnDeck Capital Series E $77 Q1’14
IEX Group Series C $75 Q3’14
Harry’s Razor Company Series B $75 Q4’14
Harry’s Razor Company Series A $75 Q1’14
FanDuel Series D $70 Q3’14

 

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