Tech roundup: NYC invests in female founders, WeWork raises $1B, and more

by Katie Fustich
August 16, 2018
We Venture
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NYC launches WE Venture, a $10M investment in female entrepreneurs

It’s no secret that female entrepreneurs face numerous obstacles when it comes to getting their businesses off of the ground. New York City is working to bridge the divide between women and opportunity by starting a new, $10 million funding program called WE Venture. The fund will be used to initiate partnerships with VC firms that have a proven track record of helping women launch their businesses. The fund is sponsored by the New York City Economic Development Corporation. [Read More]

 

WeWork
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WeWork raises $1B, but reported losses continue

Co-working space king WeWork, now in its eighth year, shows no signs of slowing down. Late last week, the company raised a staggering $1 billion in debt financing from SoftBank. Equally staggering are the company’s reported Q2 revenue of $422 million. Yet, while WeWork is raking in the fundings, revenue and memberships, overall reports show the company is operating at a loss. Don’t fear for the fate of your hot desk, though — the company has explained that the losses are a normal, and anticipated, element of their larger strategy. Once new locations fill up, WeWork’s 287 locations should net a profit. [Read More]

 

Oscar
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Alphabet invests another $375M into Oscar Health

Oscar Health, the NYC-based healthcare startup that has already garnered millions in funding, announced earlier this week the receipt of yet another from $375 million from Alphabet, better known as Google’s parent company. Alphabet was the sole investor in the round, but has participated in previous funding rounds, including a Venture Round of $165 million that Oscar Health raised just in March of this year. With Oscar’s total funding now well past the big “B” mark, at $1.3 billion, the company plans to use its resources to expand services into new cities, and offer its plan through the Medicare Advantage program by 2020. [Read More]

 

Google NYC
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Sweeten tapped to represent New York in Google Economic Impact Report

Each year, Google releases an Economic Impact Report, detailing how its tools have helped businesses across the country grow and develop. This year, NYC-based Sweeten was selected to represent New York State. In an interview with Google, the company noted how Google AdWords and Analytics have helped the business grow at an annual rate of 300 percent, and increase their average project value. [Read More]

 

Pharmacy
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Capsule raises $50M Series B round to bring prescriptions to your door

Though pharmacy Capsule launched as recently as 2016, it feels as though the company is already a fixture in New York City. Investors think so too: in its Series B round, Capsule just raised $50 million in funding. Glade Brook Capital and Thrive Capital both contributed to the round. The latest investment brings Capsule’s total funding to $70 million — not bad after two years. [Read More]

 

LaGuardia
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LaGuardia Airport to get some swanky new retailers, including FAO Schwarz

If you have lived in New York City for at least five minutes, then you know that LaGuardia Airport is currently undergoing a massive renovation. Earlier this week, it was announced that part of this large-scale makeover would see two popular NYC-based retailers setting up shop in the airport’s Terminal B. Bookseller McNally Jackson and legendary toy-retailer FAO Schwarz will both be coming to the airport beginning this fall. Dining options like Shake Shack and Irving Farm Coffee Roasters will also be a part of the new terminal. [Read More]

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