New York City seed and pre-seed investor Primary Venture Partners has announced the close of its largest NYC-focused fund to date: a $150 million main fund in addition to its second select fund, a $50 million vehicle dedicated to backing later-stage opportunities within its portfolio.
The firm also added Rebecca Price as operating partner and promoted Jason Shuman to investment partner on its nine-person portfolio impact team.
With its largest fund to date, Primary is betting big on New York City’s rebound from covid-19 related shutdowns, a rebound the firm doesn’t expect to be as strong in other tech hubs such as San Francisco and Denver, co-founder and general partner Brad Svrluga said.
“As the city begins to rebound from covid, we are doubling down on our commitment while many others fear for the future of this market, and will continue to play an integral role in shaping the next wave of New York City start-ups which we believe will be stronger than any other market in the country,” he said in the firm’s press release.
Svrluga and co-founder Ben Sun have been selling investors on the idea of New York City as one of the world’s top start-up hubs since the firm’s inception in 2014 and coming out of this crisis is no different. “We are unapologetically committed to the idea that New York is coming back and coming back in a big way,” Svrluga said.
The firm is also in the midst of launching its New York City Founders Fellowship, a program designed to help develop and foster New York City’s next generation of leaders hoping to launch their own start-ups.
“If we can help raise the tide in the harbor our ship is parked in, then all the better,” Svrluga added.
The program is also aimed at increasing diversity in the NYC start-up ecosystem, the New York City market’s and Primary’s greatest assets, Svrluga said.
“It is this diversity that led the city to bounce back from the Global Financial Crisis, which so many thought would be a crippling blow to New York,” he said. “Instead, the tech community was fueled by the meltdown on Wall Street and never looked back.”