Wednesday, May 7, 2025

Wednesday, May 7, 2025 

In today’s digest, tri-state area cardinals, inflation refund checks, and the tech sectors fueling NYC’s economy. 🧑‍💻

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• Two of the 10 U.S. cardinals in the pope’s conclave are from the tri-state area: Timothy Cardinal Dolan from NYC, and Newark’s Joseph Cardinal Tobin. It’s the most geographically diverse conclave in Catholic history, with 133 voting cardinals from 70 different countries. ⛪ (New York Daily News)
  
  

• For the first time on record, the median rent across Manhattan has surpassed $4,000 per month, a 4.1% increase since NYC’s Local Law 18 came into effect. (Airbnb)

  • Short-term rental listings in the city have plummeted, causing hotel prices to surge to $320 a night on average. 🏠
    
    

• Who needs the Powerball? New York is mailing out “inflation refund” checks to more than three-quarters of state tax filers later this year. It’s part of a tentative $254 billion budget agreement lawmakers are set to begin voting on later this week. 📫 (Gothamist)

  • An estimated 8.2 million filers will be eligible for checks of up to $400. 

  • Fill out the form in this article to find out how much money you can expect. 🤔
    

In other reading:

• Eataly is launching a new fast-casual cafe at Rockefeller Center (TimeOut New York)

• 25 years of dining in NYC (New York Times)

• Field trip: Lilacs at the New York botanical garden (Tribeca Citizen)
  
  

Yesterday, we dove into a new report from Tech:NYC and the Center for an Urban Future (CUF) — which shows that tech has become the engine driving the city’s economy forward.

Today, let’s take a closer look into how specific sectors are growing and how we can build on this momentum.

🚀 Soaring software talent: Today in interesting facts: There are now more software developers in the city’s finance sector than bank tellers!

• The number of software developers in NYC tripled from 21,786 in 2011 to 67,733 in 2024. 🖥️

• In the finance and insurance industry, the number of software developers increased from 4,511 to 10,313.

🤑 Flying finance: Speaking of finance, in 2024, New York accounted for 30% of all U.S. investment in fintech companies, up from 22.7 percent in 2020.

• The $4.9 billion that New York-based fintech companies raised in 2024 was more than any other region or city, including Silicon Valley.

🍎 A Big Apple a day: Healthtech has also seen a rapid rise in NYC. It’s partially why we focused on healthtech companies for our first season of Startup:NYC.

• New York has a nation-leading 1,046 funded tech startups in healthcare.

• New York captured 21.4% of all VC funding in digital health in 2024, up from 17.6% in 2020. 💰

• The number of healthcare job postings asking for tech skills has increased by 821% (!) since 2010.

⚡ Fastest-growing sectors: NYC’s hottest tech fields by startup number growth include cryptocurrency (+177%), blockchain (+143%), and AI (+93%).

Yes, but: Challenges like the city’s rising housing affordability issues and uneven support from city and state government threaten to hamper NYC’s edge. 

So, how do we build on this momentum? The report outlines six recommendations to keep NYC a global tech hub:

• 🏘️ Build a massive amount of new housing.

• 🌳 Prioritize investments that keep NYC livable and appealing, like transit, parks, schools, and culture.

• 🤖 Unleash AI innovation by unlocking city data.

• 🗽 Nurture NY’s emerging deep tech sector.

• 🏙️ Make it easier for startups to win city tech contracts.

• 📚 Bolster K-12 computing education, especially through teacher prep at CUNY.

Bottom line: This report is more than just data. It’s a call to action for NYC and the tech leaders who call it home.

Download the full report here.

In other reading:

• AI agents market size to hit $50.31 billion by 2030 at CAGR 45.8% (PR Newswire)

• Shawn Edwards: ‘At Bloomberg, the technologists are the rock stars’ (Financial News)

• OpenAI launches global push for democratic AI (Axios)
  
  

• Onebeat, an NYC-based inventory platform, raised $15 million. Schooner Capital led, joined by Magenta Venture Partners, Surround Ventures, AnD Ventures, J-Ventures, and INcapital Ventures
  
  

• OX Security, an NYC-based application security startup, raised $60 million in Series B funding. DTCP led, joined by IBM Ventures, Microsoft, Swisscom Ventures, Evolution Equity Partners, and Team8.
  
  

• Unrivaled Sports, an NYC-based youth sports experiences company, raised $120 million in funding. DICK'S Sporting Goods led the round and was joined by Dynasty Equity, LionTree, Miller Sports & Entertainment, and existing investor The Chernin Group.
  
  

• Tech:NYC and Rho’s Studio Open Hours at NY Tech Week, where we’ll shoot short video interviews with 10 founders, spotlighting the power and vibrancy of NYC's tech ecosystem.​ Apply by May 12 here.
  
  

• AI Startup Pitch Day by Flybridge, Next Wave NYC, Goodwin, Mercury, and Lynx Collective, where NYC’s top pre-seed AI founders will take the stage to pitch their startups to a roomful of 100 investors with a grand prize of $50K. Apply to pitch by May 15 here.
  
  

• VC Lab & Emerging Institute, a 12-week program that transforms emerging VC managers into institutional-grade firms through intensive training, direct LP introductions, and personalized guidance. Apply by May 19 here.
  
  

• America on Tech is accepting applications for TECH360, a program for students to explore artificial intelligence and develop an AI-powered tool to pitch to mock clients. Apply by May 25 here.
  
  

• Techstars Economic Mobility, for entrepreneurs designing innovative solutions that generate greater economic mobility for low- and moderate-income Americans. Apply by June 11 here.
  
  

• The Factor Fellowship, an 18-week, part-time program for working professionals from diverse backgrounds looking to break into in-demand roles at NYC’s fastest-growing startups. Apply by June 15 here.
  
  

• AcceleratorCON introduces Draft Combine, an opportunity for startups to be scouted by top accelerators and investors. Apply here.
  
  

• Each month, Union Square Ventures hosts usvwork — a casual coworking day for founders and builders in NYC. Apply here.
  
  

• Company Ventures’ Grand Central Tech Residency, for pre-seed/seed stage teams building venture-scale companies, or individuals launching a venture within six months. Apply here.
  
  

• Forum Ventures is accepting pitches to its Forum for Founders program. The firm is investing in 30+ companies over the next three months, offering $100K and admission to its pre-seed accelerator to provide personalized GTM and sales support. Apply here.