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- New York's mayoral race is entering its final stretch.Public filings show tech investors are coalescing around Andrew Cuomo.VCs have sent $569,000 to Cuomo and his opponent, Zohran Mamdani; 94% of the money went to Cuomo.
New York mayoral candidate Zohran Mamdani is topping opponent Andrew Cuomo in the polls, but donation data shows New York's venture capitalists aren't convinced.
Few expected Mamdani, who built his campaign around free city buses, a freeze on New York rents, and tax hikes for millionaires, to sweep the venture crowd. Public filings corroborate the vibe. The city's tech backers are consolidating financial support around Cuomo.
Business Insider combed records from the New York City Campaign Finance Board to see how employees of venture capital firms have donated this election cycle, specifically to Mamdani and Cuomo, since 2022. The data is limited; donors can choose not to disclose their employers, and our dataset is likely missing investors.
Our review found that 58 workers donated a total of $569,000 to either of the two candidates or their respective political action committees. About 94% of the money went to Cuomo's campaign and allied groups; Mamdani and related entities drew under 6%. Put another way, 94 cents of every dollar — about a 16-to-1 split — went to elect Cuomo.
Business interests were top of mind for voters. Last week, a Manhattan salon filled with Cuomo supporters in pink "Cool Girls for Capitalism" tees. Erica Wenger, an emerging fund manager in New York, said she helped organize the event and plans to vote for Cuomo.
"For me, it comes down to values and pragmatism," Wenger wrote in a text. "I want leaders who can grow New York's economy and keep our city safe for everyone."
She said she's "concerned" that some of Mamdani's rhetoric and policy plans could stifle the city's entrepreneurial streak. New York is the second-largest hub for venture capital, based on the number of deals and their value. Bryan Rosenblatt, a partner at Craft Ventures who leads the $3.3 billion firm's New York office, shared that fear.
"New York City is built on ambition, innovation, and capitalism," Rosenblatt said. "Electing a mayor who drives out our most ambitious builders and top contributors to the city's economy is not good for New York or anyone who calls it home."
Representatives for both candidates did not respond to Business Insider's requests for comment.
Kevin Ryan, founder of AlleyCorp, a startup incubator and investment firm, sees Mamdani as someone who could also secure tech's future in New York. He's agreed to join an advisory group that would counsel the Democratic candidate if elected, and has donated $9,000 to the pro-Mamdani PAC that created the group.
"The reason New York City is booming right now, the reason, unfortunately, apartment prices are high and restaurants are full, is because there are so many jobs being created here," Ryan said. "We need to keep that."
He wants a Mayor Mamdani who spotlights fast-growing tech firms and "congratulates the JPMorgans of the world" when they expand in the city.
Biotech investor Zach Weinberg, who previously built and sold Flatiron Health in one of New York's largest venture-backed exits ever, said he doesn't care for either candidate. He said he's deeply concerned about a Mamdani win, however, because he believes tax increases on the wealthiest New Yorkers will lead them to pack their bags, causing budgets for welfare programs to shrink. In this frame, Weinberg said, "the only logical vote is to hold your nose and pick Cuomo."
