Tech:NYC Digest: May 31

Tech:NYC Digest: May 31

May 31, 2022 • Estimated Reading Time: 10 minutes

Tuesday, May 31, 2022 

Hope you enjoyed the holiday weekend (if you don’t yet have a favorite NYC beach spot, here’s a quiz to help). In today’s digest, COVID is finally leveling off in NYC, New York announces tighter gun reform measures, and why Index Ventures says it’s the right time to put a flag down in NYC. 

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By the numbers:  

  • New positive cases statewide: 3,233 

    • New positive cases, NYC: 1,690

  • NYC Positivity Rate: 5.7 percent (no change)

  • Statewide Vaccine Progress: 

    • New Yorkers with at least one dose: 90.6 percent

    • New Yorkers who are fully vaccinated: 77.4 percent

In today’s latest: 

  • COVID-19 hospitalization and infection rates around NYC have started to flatten in recent days, with figures dropping to their lowest levels in almost a month. (amNY) But nationwide, US COVID-19 cases are six times higher than last year and could continue increasing as the summer travel season begins. (The Hill) 

  • The NYC Test & Trace Corps rolled out an expanded COVID-19 guidance tool that gives New Yorkers more personalized recommendations on care options and direct ways to order treatments. (NBC New York) Get the tool here.

  • State legislative leaders announced a package of ten gun reform bills today, including raising the purchase age to 21 for semi-automatic rifles, expanding microstamping requirements, and creating a task force to investigate the spread of violent extremism online.

    • Mayor Eric Adams is also launching an effort with six other mayors statewide to create a coordinated plan to address gun violence. (NBC New York)

  • The New York state gas tax suspension, passed as part of the budget in April, will go into effect tomorrow and last through the end of the year. (NY State of Politics)

  • And at first glance, Sto Len looks fresh off a New York City garbage truck. Meet the Dept. of Sanitation’s resident artist.

In other reading:

  • Can I Stop Isolating If I’m Still Testing Positive for the Virus? (New York Times)

  • You Are Going to Get COVID Again … And Again … And Again (The Atlantic)

  • 326 School Counselors on the Pandemic’s Effect on Children: ‘Anxiety Is Filling Our Kids’ (New York Times)

In many ways, Index Ventures, the venture firm founded in Switzerland in 1996, has had an active presence in NYC for some time — it has more than twenty portfolio companies in the metro area.

  • That list includes major tech employers like Etsy and Cockroach Labs, as well as companies that have gone public in the last few years like Squarespace, Datadog, and Outbrain.

Now the firm is planting deeper roots in the city, announcing plans to open a permanent office in NYC. Read more about those plans here.

We spoke to partners Martin Mignot and Shardul Shah about the expansion (and their own plans to relocate to New York from London and San Francisco, respectively):

  • “The expansion is an evolution of our growth, and we have been planning to put a flag down in NYC for some time. Internally we have a mantra for NYC, ‘team, bridge, win.’ The team moving to NYC brings with it more than 35 years of collective Index experience, and the strength of the team gives us confidence that we are making the right move.”

Index will have an initial team of ten on the ground, with plans to triple the group over the next three years. 

  • It also plans to continue making investments that help European entrepreneurs set up shop in the US — at a time more of them are choosing New York over the West Coast as the first port of call. 

  • See Index’s handbook on how it advises companies looking to expand here.

Mignot and Shah shared, amidst a macro adjustment from the record pace in VC we’ve seen over the last few years, New York has been — and will continue to be — a critically important market:

  • “In the post-COVID, hybrid Zoom world, distance is not measured in miles or kilometers, but in time difference. New York sits at the heart of a ten-hour timezone, spanning from Tel-Aviv to San Francisco. With the addition of our NYC office, we are never further away than two hours from 70 percent of the most active tech hubs worldwide, allowing us to better serve current and future entrepreneurs.”

  • “We have deep conviction NYC will bring our offices in London and San Francisco even closer together, doubling down on our existing investment strategy rather than defining a new one.”

One fun bonus: We polled other members of Index’s NYC landing team on what they’re most looking forward to, and here’s what they had to say:

  • “I immigrated to Queens, New York, when I was just nine years old, and the vibrancy, audacity, and resilience of the City only became even more so in the past forty years. I am looking forward, as a returning New Yorker, to reacquaint myself with a new generation of dreamers and builders and to add to the City’s vibrancy with my own passion for the arts and helping hand in the community!” – Adrianna Ma, Operating Partner

  • “My family immigrated to California from Europe when I was very young. I'm excited to experience a city that is closer in connectivity and culture to Europe, not to mention being closer travel-wise. With this in mind, I'm also excited to find a good soccer team to join in NYC.” – Damir Becirovic, Partner

  • “As a native New Yorker, I’m excited to welcome the Index team and show off my favorite hidden gems across the city. First up — coffee shop walking tour!” – Paris Heymann, Partner

  • “As a theater lover, I’m excited to explore more of the art form. Not just Broadway, but off-Broadway, hole-in-the-wall productions. Dramas, comedies, musicals, non-musicals. Since moving away, I’ve missed New York’s vibrant theater scene, and I’m excited to catch up on what I’ve missed!” – Rex Woodbury, Partner

In other reading:

  • NYC Companies Are Opening Offices Where Their Workers Live: Brooklyn (New York Times)

  • Is the tech job market about to go bust? The Great Resig … never mind. (Protocol)

  • This is the reason you’re losing your best people according to brain science (Fast Company)

  • Mintlify, a New York-based documentation automation startup, raised $2.8 million in seed funding. Bain Capital Ventures led the round was joined by TwentyTwo Ventures and Sourcegraph co-founder Quinn Slack. (TechCrunch)

  • Rivery, a NYC-based SaaS ELT solution, raised $30 million in Series B funding. Tiger Global Management led the round and was joined by existing investors State Of Mind Ventures and Entrée Capital. (FinSMEs)

  • Stable, a NYC-based risk management platform tracking commodity prices, raised $60 million in Series B funding. Acrew led the round and was joined by Greycroft, Notion Capital, Syngenta, and Continental Grain Company. (Stable)

  • Upflex, a NYC-based hybrid workspace provider, raised $30 million in Series A funding. WeWork led the round and was joined by Newmark, Cushman & Wakefield, Ecosystem Integrity Fund, GPO Fund, Coelius Capital, Industry Ventures, Inertia Ventures, Perennial Private Investments, and Silicon Valley Bank. (Insider)

  • June 8: Virtual: Bloomberg Technology Summit, with Amazon CEO Andy Jassy, Waymo co-CEO Tekedra N. Mawakana, Accenture CTO Paul Daugherty, and others. Hosted by Bloomberg. Register here.

  • June 9: Virtual: Assessing the gaps in your company’s family benefits, with Maven SVP of People Karsten Vagner and Director of Global Health Equity Dawn Godbolt. Hosted by Maven. Register here.

  • June 16: In-person: Cornell Tech Fest, with Tech:NYC director of Tech Year NYC Bethany Crystal, Lunchbox CEO Nabeel Alamgir, Primary VC principal Sam Toole, and others. Hosted by Cornell Tech. Register here.

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