From Brooklyn Startup to IPO, Etsy Makes Its Debut on NASDAQ
In just over a decade, Etsy took the artisan’s age-old desire to sell her wares and turned it into a $3.5 billion company that is revolutionizing how we think of commerce.
Today, when an artist or entrepreneur joins Etsy, they are immediately connected to 19.8 million customers in nearly every country in the world.
Technology has been a tremendous disruptor of the status quo. Etsy, for instance, has helped local artists, small businesses, and immigrant entrepreneurs overcome traditional barriers and claim their place in the global marketplace. And while innovation in the tech sector has a tendency to shake things up, the benefits to our economy cannot be understated.
The tech ecosystem fosters growth across traditional and non-traditional industries as diverse as finance, advertising, media, fashion, retail, and manufacturing. It’s because of this deep reach that tech offers such profound economic and job opportunities. All rungs of the ladder, from workers with a high school diploma to those with advanced degrees, can benefit from a stronger, larger tech ecosystem in New York City.
Nearly 300,000 New Yorkers work in the City’s $156 billion innovation economy, where employment grows faster—7.6% per year—than in almost any other sector.
New York City is a global capital for innovation—and it draws the best tech talent from around the world—which is why the tech ecosystem here is the fastest growing in the world.
Etsy and Virtu Financial, which also began trading today, are not the only New York City-based tech companies that have achieved high valuations recently. A number of companies have also been valued in excess of $600 million in private rounds and may be potential candidates for future IPOs.
A Look Ahead at the Next Wave of NYC-Based Tech IPOs
Here are just a few of the NYC-based companies with some of the largest valuations in the tech sector, as compiled from media reports.
NYCEDC is working to ensure that every part of our economy benefits from the growth of the tech sector and that entrepreneurs can afford to stay in New York City while they work to bring their ideas to life and to market.
We congratulate Etsy and Virtu Financial on today’s milestone and look forward to the many more that lie ahead for New York City, the fastest-growing tech ecosystem in the world.