Though there has been a lot of talk about the potential of New York City when it comes to the field of startups, the city is showing its already bringing in big investments.
A new report from the website Inc shows that, so far in 2018, New York City-based startups have combined to raise more than $9 billion in investments.
This means that these companies in New York are on pace to eclipse the mark of $12 billion that they raised all of last year with 1,500 business deals.
According to the Wall Street Journal, the $9.1 billion investment value has come from some 850 deals closed by startups in the city. That means that despite startups having closed about half of the deals they did all of last year, they would be on pace to significantly crush the $12 billion with a similar amount of deals done from last year’s numbers.
“This momentum has brought critical new investment to New York City’s ecosystem, which ultimately has created critical new jobs for New Yorkers,” said James Patchett, CEO of the New York City Economic Development Corporation in a statement made available to WSJ.
Some of the recent mega-investments this year have come in for stationary bike company Peloton, which received $550 million last month and grocery startup Boxed, which secured $111 million in August as well. Other big news has come for Dataminr, a social media data analysis platform, which raised nearly $400 million in June, as well as mobile classifieds startup Letgo, which was the recipient of $500 million this summer.