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VC reached US$1.3 billion in New York

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July 16
6:28 AM 2013

Venture capital fundraising in New York reached US$1 billion. This figure was for the first half of the year. Since the dot-com crash, this was the best start to a year for the tech industry.

According to CB Insights data, most of the investments in venture capital went to startups in five boroughs. Fab.com was the top money-raiser with US$150 million funds raised.

There was an increase of US$5 million in venture capital cash for the period April to June this year compared to last year. This year, there was a total of US$619 million funds raised. Second-quarter investments in venture capital in healthcare, Internet, and green technology also decreased. From US$8.1 billion last year, venture capital investments went down to US$7 billion.

Meanwhile, public offerings and high-profile acquisitions were active this year as well. Tumblr was sold to Yahoo! for more than US$1 billion. In addition, according to CB Insights, there was 1 New York company in every 5 merger-and-acquisition transaction in the second quarter.

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