Sequoia Comes to the Big Apple

Exciting news out this week as legendary venture firm Sequoia Capital comes to NYC. Its new offices near Union Square are the firm’s first American branch outside the Bay Area.

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From The Information:

Sequoia Capital, the Menlo Park, Calif.–based venture capital firm known for its early investments in Google and Instagram, plans to open an office in New York City, its first U.S. facility outside Silicon Valley, according to two people with direct knowledge of the matter.

The move by Sequoia, the most prominent tech startup investor, underscores a broader shift by venture capitalists to plant roots outside the San Francisco Bay Area following the pandemic-fueled boom in remote work, which spurred more founders to start companies in other regions and cities, including New York

I actually heard about this through the grapevine several months ago, but now it’s official! The firm will take offices in a beautiful new glass high rise on East 14th Street.

I happen to know the area well. Next door is the only Trader Joe’s in the city with a wine shop.

Perhaps Senior Steward Roelof Botha will pop in for some $4 red?

The arrival of the greatest firm in the history of venture capital is a landmark moment for New York. Venture funding in the city has jumped over 250% in the last 2 years.

I’m seeing more and more awesome startups here. Two of my last three investments have been NYC-based companies.

Remote work is fueling the New York tech scene. Founders who had to be in the Bay Area in the past are now free to live where they like.

The accelerators that birth so many startups, like Y Combinator and the LAUNCH Accelerator, are all online now. And VC’s are comfortable investing over Zoom.

So, many founders are abandoning the Bay and coming to NYC. It’s denser than San Francisco with more to do, safer and (a little) cheaper.

Entrepreneurs used to go where the VC’s were. Now investors are following founders.

Andreessen Horowitz is also opening an office in New York, along with LA and Miami. Soon, I expect every major US venture firm will have a presence in NYC.

If density of capable people and chance meetings fuel the startup world, New York seems like a natural choice.

It’s denser than anywhere in America, by far.

I can walk between offices of numerous venture firms and startups in just a few minutes. At NYC tech events, I randomly bump into the same people almost every time.

It never made sense for an industry predicated on instant worldwide communications to cluster all in one place. I’m delighted to see this dynamism that began in California spread nationwide.

Welcome, Sequoia! And here’s a tip: head across the river to Hudson County, NJ.

It’s just better. 🙂

What do you think of New York’s tech scene? Leave a commnet at the bottom and let me know!

There will be no blog on Monday. I’ll be in the woods celebrating a friend’s birthday!

See you on Tuesday. Have a great weekend everyone! 👋

More on tech:

Crypto VC’s to Crash: “YOLO”

Why Technical Founders Win

Inside the Seed Funding Slowdown

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Photo: Roelof Botha “509307017DH00078_TechCrunch” by TechCrunch is licensed under CC BY 2.0.


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