Primary Venture Partners raise $150 million to support NYC startup

Primary Venture Partners, a firm focused exclusively on investing in New York City startups, has raised $150 million in its third fund for seed investments (its largest so far), as well as $50 million for the Select fund it uses to participate in later-stage rounds.

The firm’s portfolio includes New York success stories like (acquired by Walmart for $3.3 bill million), Mirror (acquired by Lululemon for $500 million) and Latch (which is planning to go public via SPAC). And the firm has doubled down on its association with New York by publishing an NYC Founder Guide.

Still, the idea of limiting your investments to a specific geography might sound old-fashioned at a time when offices largely go unused, teams are increasingly distributed and some investors are loudly trumpeting new startup hubs. But General Partner Brad Svrluga (who founded the firm with General Partner Ben Sun) told me that the New York focus remains crucial for the firm — for example, in its work to help startups hire the best employees

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