Primary Venture Partners (Primary), a VC firm focused exclusively on investing in New York City startups, has announced the launch of a new $150m fund, the largest seed fund dedicated to New York City startups to-date. In addition to this third fund, Primary today announced it has closed $50m for its second Select fund—closing a total of $200m across these two new funds.
Primary will use this third fund to invest in the most talented founders entirely from the New York City tech ecosystem as they work to build the next generation of transformational businesses, further solidifying the firm’s loyalty to local entrepreneurs.
Primary’s current and previous portfolio companies have experienced success, such as Jet.com which was acquired by Walmart for $3.3B, Mirror which sold to Lululemon for $500m, K Health which recently achieved Unicorn status with a $1.5B valuation and Latch which is merging to go public via a Tishman Speyer SPAC that values the company at over $1.5B.
Despite COVID’s economic impact, Primary recognizes that New York City is the second biggest tech ecosystem in the world valued at $147B, and the firm remains devoted to keeping it on top.
“New York City has diversity, grit and passion in a way that no other city has, and we firmly believe that this multi-dimensional magnetism is core to the evolution and ever-growing success of the startups that are created here,” said Brad Svrluga, Co-Founder and General Partner at Primary.
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