NYC startups raised over $828M in May. Here are the top 5 rounds

June 1, 2017

Venture capital investments in New York City this month nearly tripled from April, with local tech companies raising a whopping $828.7 million. The top five rounds alone raised $587 million. Here’s a look at those investment deals.

 

ServiceChannel, $54 million, May 2

Investor: Accel.

Bio: Service Channel is a leading SaaS platform and vertical marketplace for facilities management.

News: The funding will be used to help the company accelerate the transformation of an $85 billion facilities and contractor management market to a more modern, data-driven and automated industry.

 


 

Spring, $65 million, May 11

Investors: Fidelity Investments, Groupe Arnault, Thrive Capital and BoxGroup.

Bio: Spring is an e-commerce startup that sells clothes from 2,000 clothing brands through its mobile app and website.

News: The company expects 2017 gross sales well north of $100 million.

 

 

 

Convene, $68 million, May 2

Investors: ArrowMark Partners, Brookfield Property Partners, Conversion Venture Capital, The Durst Organization and Elysium Management.

Bio: Convene is a “workplace-as-a-service” platform that operates a network of on-demand meeting and event venues.

News: The company plans to use the new funding to expand its network of venues for enterprise clients, as well as to develop a mobile-first technology platform for employees and a new offering that helps landlords run office buildings more like full-service, lifestyle hotels.

 


 

Kobalt, $75 million, May 8

Investors: Hearst Entertainment, MSD Capital, Balderton Capital.

Bio: Kobalt helps artists and other music owners track the money their songs generate.

News: The funding will be used to expand Kobalt’s platform to cover more streaming sources and to add more artists and labels to the list it represents.

 


 

Peloton, $325 million, May 25

Investors: Wellington Management, Fidelity Investments, Kleiner Perkins, True Ventures, Comcast NBCUniversal, GGV Capital, Balyasny and QuestMark.

Bio: Peloton makes state-of-the-art indoor spinning bikes with screens that live stream spin classes from the company’s physical studio. The startup also provides over 3,000 on-demand pre-recorded classes, as well as in-depth ride metrics that will help you track your progress.

News: This new funding solidifies Peloton’s position as one of the fastest-growing companies in New York. Over the past year, Peloton nearly tripled its annual revenue, grew its subscriber base over threefold, and expanded from 14 to 20 showrooms around the country.

 

 

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