There’s a new leader on Crain’s list of largest venture capital firms in the New York area. Burlington, Vermont-based Gaingels took the No. 1 spot with 69 investments in metro area startups last year, more than double its local investments in 2023, according to PitchBook data.
The firm, which invests in companies across the technology, B2B, health care and consumer sectors, notably funded Hudson Square-based startup ByHeart, an infant formula company, and Chelsea-based Talkiatry, a mental health practice that offers telehealth services, last year.
The 25 VC firms on Crain’s latest list, which is ranked by number of 2024 investments in New York area startups, saw additional shakeups in rankings.
Flatiron-based FJ Labs and Manchester, New Hampshire-based Alumni Ventures, which were tied for No. 1 on Crain’s list last year with 40 local investments each, made fewer deals in 2024. FJ Labs fell to No. 3 with 36 investments while Alumni Ventures dropped to No. 6 with 30.
Meanwhile, Menlo Park, California-based Sequoia Capital jumped an impressive 12 spots on the list to No. 2 with 39 investments made last year. The firm only made 15 deals with local startups in 2023. Last year, the firm helped fund two companies that rank high on Crain’s list of largest tech unicorns in New York: Wiz, the cybersecurity startup that reigns No. 1 with a valuation of $23 billion, and Grafana Labs, a productivity software valued at $6.6 billion.
And Sunnyvale, California-based Plug and Play Tech Center fell nine spots to No. 17. The firm, which funded 21 local startups in 2023, only invested in 14 last year.
Combined, these 25 firms made 605 investments in New York area startups last year.
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