As the center of American finance and enterprise, New York City attracts a tremendous amount innovative startups. Today we take a look at five successful New York City based startups that are revolutionizing their industries through efficient and well-made apps.
New to investing? Unwilling to commit large sums right away? Then Stash may be perfect app for you. The NYC-based startup allows users to invest as little as $5 and charges no commission fee for buying or selling investments, or for depositing or withdrawing of funds. Instead the app charges a nominal monthly fee of $1. Founded in 2015 after a $1.5 million angel investment, Stash quickly carved-out a place in the fintech space, gaining particular popularity among millenials. With five rounds of founding totaling $78 million however, millenials aren’t the only ones finding this app appealing. As of October 2017, Stash was reported to have gained over 1.5 million users.
It’s no secret that finding a place to live in NYC is challenging. Recognizing this problem, Compass stepped in to streamline the process. This app pairs prospective real estate buyers and sellers. So far, it has been wildly successful. Founded in 2012, Compass has seen five rounds of funding raising $208 million. The latest series d round in August of 2016, raised $75 million alone. With 30 offices in 9 regions, Compass caters to the luxury, high-end market. And the strategy is paying off. With a reported valuation north of $1 billion, Compass has become one of the rarest finds in the tech space; a unicorn.
Transfix is often called ‘Uber for trucks’. After realizing over 55 billion miles are driven annually by truckers with empty loads, Transfix decided to create an app that provided a more efficient system. And create one they did. By pairing independent hauling companies with fully-automated load matching technology, Transfix has decreased shipping costs while simultaneously increasing efficiency for its carriers. Founded in 2013 by Drew McElroy, to date Transfix has closed four rounds of funding totaling $78,500,000. Their latest series c closed on July 11, 2017 for $42 million. Today over 17,000 independent truck drivers use Transfix.
Lemonade is an app that provides renters and homeowners insurance to customers at a fraction of the cost of traditional industry standards. By using machine learning, the app is able to pair customers with the right insurance for them within 90 seconds at about four times less the cost than traditional insurance companies. In turn, customers pay a monthly subscription fee (only $5 for renters, $25 for homeowners). Another compelling feature of the company is the fact that profits from underwriting go to a non-profit charities of the customer’s choice. To date Lemonade has undergone four rounds of funding and raised $60 million.
Anyone who lives in NYC will tell you how hard it is to find sought after Broadway tickets at the last minute. Knowing this, two veteran Broadway producers set out to find a solution. That solution is the app TodayTix. TodayTix is a free mobile app that aims to provide users with the best-priced last minute tickets to theatre shows anywhere. Founded in 2013 by Merritt F. Baer, Brian M. Fenty, TodayTix has since undergone three rounds of funding and raised over $15 million. Today, TodayTix partners with over 450 theaters around the world and is fast closing in on their 1 millionth user.