Four tech start-ups in New York raised in excess of $100 million last month, indicating a new boom for the technology sector in the U.S. East Cost. Betterment, Paperless Post, LearnVest and Squarespace raised about $25 million each in the latest round of financing.
The first quarter of this financial year has already seen several New York-based firms raising record sums of money from venture capital and equity funds. Digital Ocean, Integral Ad Science and Kaltura all raised millions of dollars, saying they would like to expand overseas.
The sudden surge in funding, analysts say, confirms that venture capitalists are returning to the the technology market, which has a history of turning small-time investors into wealthy ones almost overnight.
Another New York City-based tech startup, iYogi raised $28 million from Axon Partners and other funds, and announced that it would like to expand its operations to Latin America.
“It’s great to have Axon Partners Group on board, as their presence will help accelerate our expansion into Latin America. Spanish is the second most popular language across the globe and key markets across the Latin American region are witnessing rapid growth in devices,” iYogi’s co-founder and CEO Uday Challu said.
Earlier in March, Axon announced investment in O4IT, a LATAM cloud technology services company with offices in Bogota and Panama City.
Elsewhere in the United States, several tech firms have also raised big funds. Lyft, for example, raised $250 million from Third Point and China’s Alibaba Group, while Dropbox has raised more than $500 million.