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Friday October 24, 2014

#E-commerce Rises as #NYTech Growth Sector

E-commerce is a growing NY tech area that VC funders like. Crain’s New York Business reported that 1stdibs, an online marketplace for luxury goods, raised $42 million, December’s biggest deal yet for a NY-based company. CB Insights reports that VCs did 271 deals for e-commerce companies through Dec. 10, compared with 219 in all of last year. While third-quarter VC funding is down 5 percent, e-commerce funding rose 14 percent.

Investors say there’s room for growth in the area, particularly now that consumers are using mobile devices for shopping. Recent deals for other NY e-commerce companies include Fancy ($26M), Rent the Runway ($20M), Fab ($105M), and NoMoreRack ($12).

Crain’s New York Business