- Tech:NYC Newsletter
- Posts
- Tech:NYC Digest: November 10
Tech:NYC Digest: November 10
Tech:NYC Digest: November 10
Thursday, November 10, 2022
In today’s digest, NYC starts a new fight against dirty streets, the impact of veterans hiring programs, and why New York VCs are doubling down on mental health investments.
Programming note: The digest will take a break tomorrow in observance of Veterans Day. 🇺🇸 We’ll be back in your inboxes on Monday!
Was this digest forwarded to you? Subscribe here.
The number of migrants arriving in the city from border states has reached roughly 24,000, but that rate has slowed according to the Mayor. As a result, the tent facility set up on Randall’s Island will close and a new 600-room facility at a hotel in midtown will open in its place. (Gothamist)
US Supreme Court Justice Sonia Sotomayor rejected a request to block NYC’s public sector COVID-19 vaccine requirement as it applies to employees with religious objections to the vaccine. (CNN)
Mayor Eric Adams is dedicating $14.5 million to roughly 1,500 streets and other public areas citywide deemed in severe need of cleanup. The city is also placing more litter baskets at high-traffic areas. (Gothamist)
The New York City Veterans Day Parade is back this year. The parade will step off at 12pm tomorrow, heading north up Fifth Avenue from 26th Street. (amNY)
But if you attend, be sure to bring an umbrella! Remnants of Tropical Storm Nicole are expected to hit the city beginning Friday morning.
In other reading:
How Safe Is the Subway? What Those Who Work There Have to Say. (New York Times)
Are We In For an Omicron Encore This Winter? (The Atlantic)
Detours and Seafood in Jackson Heights: When a food pilgrimage doesn’t turn out as planned (Grub Street)
The pandemic forced obvious shifts in how New Yorkers are accessing health services, and the boom in startups scaling virtual care options is proof the trend will last far beyond the pandemic.
What’s new: Millions of patients can now manage their mental health needs with virtual consultations or online exercises rather than sitting in a therapist's office for an hour, largely thanks to a rise in VC investments in digital health. (Crain’s New York Business)
The next step is now being taken by VCs, who are looking into ways to make care equally accessible to people suffering from mental illness.
While venture capital activity slowed to some of its lowest levels in the last two years in Q3, companies in the telehealth and mental health solutions space remain some of the bright spots where investor interest is stable.
Only a small number of startups nationwide, many of which have existed for less than three years, specifically target serious mental illness.
“This is just really hard to do,” Sam Toole, who spearheads healthcare investments as a principal at Primary Venture Partners, a seed-stage firm that focuses on New York City startups, told Crain’s. “You need to provide in-person care. You need to provide virtual care. You need to be with someone at a lot of moments of crisis.”
The difficulty of the issues these startups try to solve may be part of why they’ve been relatively rare until recently.
Building a scalable business model is essential to treating diseases like schizophrenia and bipolar disorder, which call for a far wider range of services than low-severity diagnoses.
But in the more moderate mental health space, “self-therapy” startups are expanding, with NYC-based companies like Talkspace, Noom’s NoomMood product, Lasting, and Bloom all attracting new customers. (TechCrunch)
In other reading:
Fordefi, a NYC-based DeFi wallet maker for institutions, raised $18 million in seed funding. Lightspeed Venture Partners led the round and was joined by Alameda Research, Jump Capital, and Castle Island. (Fortune)
Harmonic, a NYC-based startup search platform, raised $23 million in Series A funding. Sozo led the round and was joined by Craft Ventures. (TechCrunch)
Kalder, a NYC-based brand engagement platform, raised $3 million in pre-seed funding. Participating investors include Indigo Fund, 8VC, 500 VC, Human Capital, Soma Capital, and others. (FinSMEs)
Laika, a NYC-based security compliance platform, raised $50 million in Series C funding. Fin Capital led the round and was joined by Centana Growth Partners, as well as insiders JPMorgan Growth Equity Partners, Canapi Equity Partners, and ThirdPrime. (TechCrunch)
Ordergroove, a NYC-based provider of subscription solutions for retailers and DTC brands, raised $100 million in funding. Primus Capital Partners led the round. (TechCrunch)
Savvy Wealth, a NYC-based wealth management startup, raised $11 million in Series A-1 funding. The House Fund led the round and was joined by Index Ventures and Thrive Capital. (Businesswire)
TechDay New York is accepting applications for its Founders Summit on Nov. 18. The event is a day-long event of networking exclusively with other founders, with fireside chats and workshops with other industry leaders. Learn more and apply to participate here.Company Ventures, with the New York City Economic Development Corporation, is accepting applications for the second cohort of the City Fellowship. The six-month program is open to tech-forward entrepreneurs with solutions working towards economic equity and climate justice for New Yorkers. Learn more and apply by Nov. 30 here.The Black Venture Institute is accepting applications for its next cohort. BVI’s flagship program trains Black executives, operators, founders, athletes, and industry leaders to become check writers, angel investors, scouts, and venture investors. Learn more and apply by Nov. 30 here.The NYC chapter of Startup Leadership Program is accepting applications for its 2023 program. The six-month takes zero equity and is run by founders providing an interactive curriculum on starting a company, access to mentors and investors, and other resources. Learn more and apply by Dec. 1 here.
Any feedback or suggestions of things to add? Get in touch here. Was this digest forwarded to you? Sign up to receive it directly here.