May proved to be a pivotal month for startup funding in New York City. Funding for startups increased a whopping 67% percent from the month of April and exceeded $916 million in total. New York City accounted for an impressive 25% of all the money raised nationally thanks to significant surges from Kobalt, Spring and Peloton.

Let’s take a closer look at some of the biggest gets in funding for the month of May.

Cheddar-The media and entertainment video streaming series secured  $19 million from the likes of AT&T, Amazon, Comcast Ventures, Raine Ventures and the New York Stock Exchange. The Series C funding was announced on May 17. Cheddar features live and on-demand news and around the latest in technology and entertainment. One of our 7 Startups to Watch.

Axoni-The analytics and financial services company announced on May 11, that its Series A funding total was $20 million. Some key investors in this round include Goldman Sachs, FinTech, JP Morgan, Euclid Opportunities, the Digital Currency Group and Thomas Reuters.


Away-Raised $20 million to help build their luxury suitcase business. The Series B funding was announced on May 19, and included investors Global Founders Capital, Comcast Ventures, Accel Partners and Forerunner Ventures. Away prides itself on elegant yet lower cost luggage with a direct-to-consumer approach.

CapsuleThe innovative on demand pharmacy continued its’ substantial growth by raising $20 million in funding. The company announced its allotment on May 10 and includes noted investors Sound Ventures, Thrive Capital and Virgin Group. Capsule is a free pharmacy delivery service and will drop off medication anywhere in New York City.

Cockroach LabsThe database and enterprise software company announced on May 10 that its Series B funding reached $27 million. The cloud-service company has key investors such as GV, Redpoint, Index Ventures, and FirstMark Capital.

Policy GeniusThis thriving comparison company aims to give consumers the inside scoop on securing the cheapest quotes in life, health, renters and auto insurance to name a few. The Series C funding of $30 million was announced on May 24th and included Norwest Venture Partners and Revolution Ventures as key investors in this round.

BounceX- Another analytics, marketing and enterprise software company making a name for itself is BounceX. The behavioral marketing cloud company announced its Series B funding of $31 million on May 23 and cited the Silicon Valley Bank as a lead investor.

ServiceChannelMaking a big jump from $31 million is ServiceChannel who secured $54 million this round. The facilities management software company announced their funding on May 2, with Accel Partners being the lead investor. The company has already announced its plans to use the money to upgrade its facilities and improve upon the contractor management industry.


Spring Inc.-Spring has sprung for the digital shopping website as it announced on May 11 that it took in $65 million in Series C funding. The e-commerce site that features, women, men, kids and lifestyle products, received big investments from Thrive Capita, Groupe Arnault, Box Group and Fidelity Investments. 

ConveneSpecializing in a one-stop shop for administering and hosting events, meetings and conferences, Convene announced a $68 million capital raise on May 1. The Series C funding including investments from the Durst Organization, ArrowMark Partners, and Elysium Capital Management. Forbes recently named Convene as one of “America’s 100 Most Promising Companies.” 

Kobalt-The company is built on a foundation of creating empowering services for musicians, raked in a stunning $75 million in Series D funding. The May 7 funding announcement included investments from Balderton Capital, MSD Capital and Hearst Entertainment.

Peloton-Undoubtedly the biggest funding of the May cycle comes from the specialized cycling company, Peloton. The company has evolved into the hub for innovative at-home fitness equipment, and also offers multi-faceted at-home classes as well as several high-tech showrooms throughout the US. It’s no wonder that this blossoming exercise giant secured an astonishing $325 million in Series E funding. Their total funding is now just under $450 million. Peloton announced the significant investment on May 24, and included True Ventures, Fidelity Investments, Wellington Management, and QuestMark Partners are some of the key investors.

Breaking Down the Numbers

There were 19 Angel/Seed Deals in New York City in May with the average deal size at $2.1 million, and the total aggregate amount of $40.2. There were eight Series A deals in New York City resulting in a $7.5 million average and a total of $59.75 million. The Series B deals resulted in similar numbers of nine deals at an average of $15.1 million and $136 total. And the number of C and over deals was 10 with an average of $67.8 million and $678 in total.


BY: Brendan Fitzgibbons