NYC Seed, a fund for early-stage startups, announced its first two deals this week. It’s looking to close three more in the next month. So far, it’s funded:
- Path101, former Union Square Ventures staffer Charlie O’Donnell’s career advice startup. (Our coverage here.)
- Placevine, a product placement market.
Deals are for about 10% of the company, suggesting valuations up to about $2 million. Startups have to be software companies, they have to be based in New York City, and they have to have working code. (And they prefer two-person companies; not lone founders.)
Who’s behind NYC Seed? The investment board includes reps from the New York City Investment Fund, NYU, and the city. Its advisory board includes USV’s Fred Wilson, DFJ Gotham’s Daniel Schultz, RRE’s Jim Robinson, Greycroft’s Andrew Lipsher, etc. Managing director Owen Davis is a full-time employee.
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