For years, California's Silicon Valley has been the center for all things venture capital. But recently, there's been a migration East -- to New York's Silicon Alley.
In the past two months, two venerable venture capital firms opened offices in Manhattan. In December, Canaan Partners added an outpost in New York, and today Accel Partners, an early investor in Facebook, started operating in the city.
The moves could be an indication that jobs in VC as well as funding for New York-based ventures will increase in the coming year.
"We are very impressed with the quality and experience of New York entrepreneurs," said Canaan Partners Partner Dan Ciporin in a press release announcing its New York office opening, "and are convinced that New York will become an increasingly important center for innovation in sectors such as advertising, commerce, media, retail, and financial services."
Accel Partner Rich Wong was equally as stoked about the opportunities in the city, saying in a release, "We think there's specific momentum around the NYC area, and [are] excited to deepen our involvement." Wong added that "the pace of deal making will likely increase," and cited the "convergence of retail, media, fashion and technology talent in the city -- along with the spread of cloud computing, which enables startups to pop up most anywhere" as reasons the firm broke ground in New York.
Canaan's office is located on the corner of Fifth Avenue and 17th Street, and Accel's office is located at 11th and Broadway -- both within walking distance of 17 Starbucks outlets.
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