- Ty McMahan for The Wall Street Journal | Blogs January 5th, 2010
- Source: http://blogs.wsj.com/venturecapital/2010/01/05/fir...
The investing team at First Round Capital trekked through New York City today on a start-up scavenger hunt.
As the West Conshohocken, Pa.-based early-stage firm prepares to open an office in the Big Apple, the investors thought it would be a good idea to go knocking on the doors of the city’s incubators and shared work spaces.
The firm has been giving New York quite a bit of attention since closing a $125 million fund in 2008. Its portfolio of 71 companies now consists of 15 New York start-ups, 12 of which have been added in the past two years. And with plenty of cash to spend, there’s no doubt that more are on the way. By noon on Tuesday the team had met about 40 new companies.
On a chilly New York day, the team pounded the pavement, walking from the NYU-Poly Incubator, to New Work City to Sunshine Suites in downtown Manhattan. In all, they visited eight work spaces, spending an hour at each mingling with member’s of the start-ups and assessing what facilities would work well for their New York portfolio companies.