NYC raises $212M in major funding week
If you’ve been trying to close that Series A round, this was the week to do it. Maybe it was the dose of sunshine, but VC firms were feeling very generous to the NYC tech scene this week, pouring more than $212 million of fresh capital into the industry.
Leading the funding charge was digital real estate firm Perch, who closed a $30 million Series A round on May 10. The company, which is based in both NYC and Texas, plans to use the funds to expand its innovative home pricing technology.
Also closing impressive rounds were Spacious and VidMob. Spacious, the company known for transforming NYC’s coolest restaurants into even cooler co-working spaces, closed an impressive Series A round worth $9.1 million. VidMob, an enterprise video creation platform, also closed its Series A round to the tune of $6.4 million.
Will next week prove as fortuitous for the city? Looks like rain is in the forecast indefinitely, so we’ll just have to wait and see which way the wind blows.
Quip acquires insurance company Afora, expanding company scope
Ever wondered what happens when a toothbrush company and an insurance agency join forces? Probably not, but it just happened: Today, toothbrush tech company quip announced its acquisition of Afora, a New York provider of dental insurance whose network extends to hundreds of providers in the five boroughs.
Quip aims to use this new partnership to offer affordable dental coverage to the millions of Americans currently without access. Afora’s dental plans begin at just $25 a month. The insurance firm’s CEO Dr. Jeffrey Rappaport will join quip as the brand’s director of dental care, deepening the company’s expertise.
Tech companies across the board elevate privacy settings in wake of Cambridge Analytica scandal; GDPR laws
We’ve entered a new age of the internet: one in which companies are being forced to take responsibility for the massive quantities of data they are entrusted with each day. Tech giants Google, Facebook and Twitter have all announced new privacy policies in recent weeks with the aim of giving the consumer more transparency into their rights, and more options to opt-out of data collection. Many smaller tech companies have also followed suit including Linkedin, Instagram, Etsy, eBay and more.
These changes have come swiftly following the backlash surrounding Facebook’s relationship to the now-shuttered Cambridge Analytica. It seems each day since has brought new revelations regarding the misuse of consumer data, and those consumers are compelling companies to take action.
Adding pressure to the already hyperbaric situation is the impending implementation of Europe’s General Data Protection Regulation Plan. Companies operating in the EU have until May 25th to get themselves up to standard with the new set of strict privacy laws. Next time you receive an email notifying you of an updated privacy policy, why not check it out? You might just learn something.
Odds and Ends
Greylock Partners, one of the most important VC firms in tech, recently announced the promotion of Sarah Guo to general partner, making her one of the firm’s first female general partners in its 53-year history. [Read More]
Did you know BMW was working on a car-sharing startup in Brooklyn for the past two years? If you did, congratulations! If you didn’t, it doesn’t matter anyway because they’re shutting down. [Read More]
Just in time for the annual hot dog eating contest...The Coney Island Boardwalk has been designated a "Scenic Landmark." [Read More]
