Tech:NYC Digest: September 14

Tech:NYC Digest: September 14

September 14, 2022 • Estimated Reading Time: 9 minutes

Wednesday, September 14, 2022

In today’s digest, how the tech sector is leading New York's jobs recovery, the countdown to the Ethereum Merge, and why a successful RTO strategy should prioritize working parents.

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  • While the country as a whole has recently regained all of the jobs it lost early in the pandemic, NYC is still missing 176,000, representing the slowest recovery of any major metropolitan area, according to the latest employment data. (New York Times)

    • However, NYC’s tech sector added jobs in the first 18 months of the pandemic, a period when almost every other industry shrank. Overall employment in industries more welcoming to remote work, like tech, are back to pre-pandemic levels.

  • The head of the World Health Organization, in the most upbeat assessment since its emergency declaration in January 2020, said today the “end is in sight” for the global COVID-19 pandemic. (Reuters) Worldwide death rates have now dropped to March 2020 levels.

  • NYC Council Speaker Adrienne Adams and the Council’s Women’s Caucus announced that the Council would provide $1 million toward expanding access to abortion care in NYC. The allocation is the largest commitment of municipal funds by any city in the United States. (New York Daily News)

  • Lastly, Cardi B returned to her middle school alma mater in the Bronx for a surprise visit, where she donated $100,000 to fund its arts programs. And look how excited the current students were!

In other reading:

  • The Mystery of Why Some People Don’t Get COVID (Wired)

  • How a major crypto network will slash its energy usage beginning tonight (Axios)

  • Let me tell you — NYC is about to enter its power season (TimeOut New York)

Throughout the pandemic, every step forward has felt like two steps back for parents in the workforce. (Forbes)

  • Per a 2022 poll from Maven, a NYC-based women’s and family health startup (and Tech:NYC member!), COVID-19 has led to greater turnover rates among working parents for 70% of employers. The poll also discovered those same workers feel less supported — and as a result, less loyal — to their employers.

The research is clear: Supporting workers means supporting working families, and supporting working families leads to better company results. (Fast Company)

  • At most organizations, 60 to 70% of employees are parents or actively caring for loved ones, with senior management making up a sizable portion of this group.

What’s new: WeWork has teamed with Laddrr, a resource center for working moms, to reduce the “motherhood penalty” and welcome women back into the workforce. (Inc.)

  • WeWork has committed to sourcing more hybrid and part-time job possibilities for mothers on the Laddrr Talent Hub platform. WeWork has compiled a list of employers who offer hybrid jobs, which may be appealing to new parents who are looking for more flexible working arrangements. 

  • To give working parents more flexibility and access to workspace, WeWork will also give Laddrr customers a three-month 50% discount on WeWork All Access subscriptions.

Our takeaway: Flexibility is a welcome benefit, but it’s not without its tradeoffs. (Bloomberg) Flexible WFH for parents is a table stakes solution, especially in the current labor market, but the companies that go a step further with robust parent ERGs, group coaching, and care benefits will ultimately win the race for talent.

In other reading:

  • Bitsy’s, a New York-based food and beverage brand, raised $1.34 million in funding. Fearless Fund led the round. (Forbes)

  • Ethic, a NYC-based asset management platform focused on social responsibility, raised $50m in Series C funding. Jordan Park led the round and was joined by UBS Next, Oak HC/FT, Nyca Partners, Sound Ventures, Urban Innovation Fund, and Kapor Capital. (Axios)

  • Hopscotch, a New York-based pediatric behavioral health tech startup, raised $8 million in seed funding. Greycroft and Inspired Capital co-led the round and were joined by New York Ventures, Remarkable Ventures, Watershed VC, and Cold Start. (Insider)

  • Kafene, a NYC-based digital point-of-sale platform, raised $18 million in Series B funding. Third Prime led the round and was joined by Uncorrelated Ventures, Company Ventures, Xffirmers, Gaingels, and FJ Labs. (TechCrunch)

  • NYSHEX, a NYC-based ocean freight contract startup, raised $25 million in Series B funding. Collate Capital led the round and was joined by Blumberg Capital, Goldman Sachs, and NewRoad Capital. (TechCrunch)

Newlab, in partnership with Globant, is accepting applications for its Ethical AI Studio. Early-stage companies looking to test new products and solutions that promote wellbeing and restore public trust in emerging tech are invited to apply. Benefits include access to a $100K grant funding pool, access to an angel investors network, as well Newlab space, industry experts, and prototyping resources. Learn more and apply by Sept. 21 here.Hack.Diversity, an initiative founded in Boston with a commitment to advancing Black and Latine/x professionals in tech, is expanding to New York and accepting applications for its inaugural NYC fellowship program. The nine-month program is seeking early-career software engineers interested in accelerating their careers in tech and building a diverse network. To get involved, reach out here. Learn more and apply by Oct. 1 here.Primary Venture Partners is accepting applications for its sixth NYC Founders Fellowship cohort. Early-stage entrepreneurs building a data startup are eligible to apply for the six-month, part-time, no-equity immersion program. Learn more and apply by Oct. 3 here.Urban-X, is accepting applications for its next accelerator cohort. Founders building businesses that solve cities’ thought challenges in areas such as transit and mobility; built environment and real estate; food, waste, and water; and energy and grid are eligible to apply. Learn more and apply on a rolling basis here.

WeWor

k has teamed up with

Tech:NYC

and leading cities around the globe to expand its initiative helping NYC businesses design their RTO plans and foster a flexible return to work. The program offers discounted, flexible office space options, including 50% off All Access and private office memberships for at least 3 months using code FLEXWORK50.

and

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