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- Tech:NYC Digest: October 6
Tech:NYC Digest: October 6
Tech:NYC Digest: October 6
Wednesday, October 6, 2021
In today’s digest, Manhattan residential real estate sales rose to decades high in Q3, why the SEC may soon require more workforce data, and how to get fit and give back in Silicon Valley Bank’s latest fundraising challenge.
🗳 One reminder: If you need to register to vote in New York or recently moved and need to update your registration, the deadline to do so for the general election in November is this Friday, Oct. 8! Learn more here.
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By the numbers:
New positive cases statewide: 5,672 (+1,795)
New positive cases, NYC: 1,401 (+248)
Statewide Fatalities: 32 (-6)
NYC Positivity Rate: 1.3 percent (no change)
Statewide Vaccine Progress:
Percentage of adults (18+) with at least one dose: 84.9 percent
Percentage of total population with at least one dose: 71.9 percent
Today’s latest:
There’s growing consensus that we've turned a corner from the summer surge in COVID-19 as new cases, hospitalizations, and death counts continue falling. But public health officials warned the winter months present a new opportunity for transmission to pick back up, especially among the 68 million eligible Americans who have yet to be inoculated. (New York Times)
The state's Excelsior Pass app is now compatible with SMART Health Cards from trusted issuers outside the state. The update should make it easier for people who got their COVID-19 vaccine out of state to show proof of vaccination using the app at establishments in New York. Learn more here.
Rapid at-home COVID-19 testing is about to become much more widely available, following authorization of a mass-produced testing kit. Acon Laboratories’ test, authorized by the FDA this week, is expected to double rapid at-home testing capacity in the US in the next several weeks. (New York TImes)
The Biden administration will announce a $1 billion purchase of rapid at-home COVID-19 tests today, an additional investment to expand the availability of such products in the coming months. (Bloomberg)
More Manhattan apartments sold in the third quarter of this year than any other time in more than three decades, the latest sign that NYC real estate is on track for a rebound sooner than expected. (New York Times)
In other reading:
Public companies have a lot of leeway on what to report about their workforces… for now. But the SEC says growing expectations around transparency — from investors and regulators, as well as the general public — will mean growing pressure to release more data.
As a result, the SEC is weighing whether to impose expanded human capital disclosure requirements. If they do, executives will have a lot of work to do, according to a new report from JUST Capital.
Earlier this year, SEC Chairman Gary Gensler called workers “one of the most critical assets of a company.” He thinks updated standards should be set to require not only demographic data, but metrics on everything from employee turnover, compensation and benefits trends, training and skills development programs, and more.
To get a sense of where things stand now, JUST Capital scanned available data from the country’s 100 largest employers to look for information about 28 key human capital measures. Here’s what it found:
Disclosure is low across the board, with the disclosure rate below 20 percent for the majority of metrics. Just 15 percent of companies reported employee turnover, and 13 percent provided the minority share of new hires.
Most metrics are currently disclosed in corporate social responsibility or sustainability reports, which don’t have the same auditing or standardization requirements, or in required annual financial reports like 10-K filings.
Is more disclosure actually needed? JUST Capital says yes: Without consistent reporting across companies, “investors can’t make well-informed decisions about where to direct their holdings, potential hires can’t factor a company’s treatment of workers into their employment choices, and customers can’t shift their purchasing practices to support companies leading the way."
What’s next? To meet those expectations – from regulators, investors, the American public, and other key stakeholders – some change in likely coming, though it's still unclear exactly how. There’s never been a more urgent pressure on companies to be transparent about how companies are leading for their workers. Get JUST Capital’s full report here.In other reading:
The ‘third workforce’ is here to take over the office and WFH. Here are the 6 essentials to make it work (Fast Company)
Is the Stock Market Open at 3 am? This Startup Says It Should Be (Wall Street Journal)
Is It Time to Stop Paying for a VPN? (New York Times)
Aquant, a New York City-based customer service analytics company, raised $70 million in Series C funding. Qumra Capital, Insight Partners, and Pitango Growth co-led the round and were joined by Lightspeed Venture Partners and Angular Ventures. (VentureBeat)
Cover Whale, a New York City-based insurtech focused on the auto space, raised $15.5 million in seed funding. Investors include the Ambac Financial Group (NYSE:AMBC) and TigerRisk Partners’ Applied Financial Technologies subsidiary. (PR Newswire)
Masterworks, a New York City-based fractional art investment startup, raised $110 million in Series A funding, valuing it over $1 billion. Left Lane Capital led the round and was joined by investors including Galaxy Interactive and Tru Arrow Partners. (TechCrunch)
mParticle, a New York-based customer data infrastructure company, raised $150 million in Series E funding led by Permira and joined by its existing investor base, as well as new backers including former Adobe CFO Mark Garrett and New England Patriots star Jake Bailey. (FinSMEs)
Wizard, a New York City-based company for shopping via text, raised $50 million in Series A funding. NEA led the round and was joined by Accel and Marc Lore. (TechCrunch)
The Tech Gives Back Fit & Fundraise Challenge, an initiative led by Silicon Valley Bank, TUGG, RaisedBy.Us, and Tech:NYC, is a virtual fitness challenge to earn points that unlock donations for your favorite NYC nonprofits. You can log a walk, a Peloton ride, a yoga session, and much more — it all counts! Learn more and participate in the challenge through Oct. 15 here.The New York Digital Inclusion Fund is accepting applications from nonprofits with innovative models that accelerate digital inclusion across New York and recognize the need for affordable, high-speed internet, devices, and digital skills. Grants are available in two areas: Digital Inclusion Coalition Planning and Digital Inclusion Innovation. Learn more and apply by Oct. 15 here.Newlab is accepting applications for its Founder Fellowship, an initiative run in collaboration with the NYC Economic Development Corporation. The program is open to early-stage companies working on urban tech solutions addressing issues such as climate change, energy, govtech, public health, transportation, and more. Selected companies receive a 12-month Flex II membership, including access to the Newlab space, network, and other business development and investment opportunities. Register for the info session on Oct. 13 here and apply by Oct. 27 here.The NYC Recovery Challenge, an initiative by Tech:NYC, Google for Startups, and Cornell Tech, is accepting applications from early-stage startups with ideas to support NYC’s economic recovery. Selected teams receive up to $100K in non-dilutive cash awards, as well as product, marketing, and other business support services. Learn more and apply by Oct. 29 here.The Entrepreneurs Roundtable Accelerator (ERA) is accepting applications for its Winter 2022 program. Selected companies receive a $100K investment, founder mentorship, and the potential for follow-on funding from ERA’s Fund. Learn more and apply by Nov. 9 here.
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