Entrepreneurship

New York City startups Oscar Health, UIPath recorded a big 2020

Read more at www.crainsnewyork.com

The following local companies were among the top money-raising startups of 2020, with funding amounts recorded by Crunchbase.

 

  • Online mortgage lender Better.com, based in Lower Manhattan, raised $200 million in a deal finalized in November. 
  • Manhattan-based UIPath, a maker of automation software for businesses, raised $225 million in July. The company confidentially filed for an initial public offering last week. 
  • Attentive raised $340 million across funding rounds in January, April and September. The Flatiron District companys software is used by e-commerce retailers to send customers promotions through text messages. 
  • Unqork, which makes no-code app-development software used by Goldman Sachs and city government, raised $258 million in funding rounds in February and October. 
  • Insurer Oscar Health raised $365 million in funding rounds in June and December. Analysts expect that the company, which has now received $1.2 billion from investors, will file for a public offering next year. 

 

Samuels noted that startups are just part of the citys technology economy. Amazon, Facebook and Google all announced large expansions in New York this year. And publicly traded firms such as Etsy, Lemonade and Peloton recorded big jumps in value.

 

A recent 2021 predictions report from Pitchbook, which tracks venture activity, sounded a warning for startups. Investment is increasingly expanding beyond the three largest tech hubs: Silicon Valley, followed at a distance by New York and Boston. 

 

Fred Wilson, one of New Yorks most prominent technology investors through Union Square Ventures, wrote in a blog that the change likely doesnt mean less money for New York, though, just more money for companies elsewhere. 

 

“In the first decade of USV, the 2000s, we mostly invested in NYC and Silicon Valley,” Wilson wrote. “In the second decade of USV, we invested throughout North America and Western Europe. In the third decade of USV, I suspect we will extend our geographic range even further. We already have.”

Read more at www.crainsnewyork.com

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