OnDeck Capital’s IPO was a watershed moment for New York tech and for lending startups in general. How big wast it for NY? According to CB Insights data, OnDeck’s IPO was the largest venture-backed tech exit in the city’s history.
The billion-dollar IPO of OnDeck, which was backed by early investors including RRE Ventures, Village Ventures, First Round Capital and Contour Venture Partners, comes after New York broke through the billion dollar ceiling last year when Yahoo acquired Tumblr for $1.1B. The exit was also the largest VC-backed tech IPO in NY, which have been sparse over the last few years.
Other exits to break into the top 10 largest in New York tech since the start of 2013 include Accel-backed cybersecurity firm Varonis and Canaan Partners-backed Tremor Video, but which IPO’d at a loftier valuation but which is now trading well below its opening day price.