It was a sentiment I saw plastered all over my X feed (which, I should note, is heavily biased toward crypto accounts, as a peril of my beat) in response to a candidate who has proposed pilots of government-run grocery stores and freezing hikes for rent-stabilized units. One New York venture investor wrote using derogatory language about “libs” getting infatuated by young politicians fitting a certain profile, which I probably shouldn’t reprint in the newsletter pages of Fortune. And then there was the schadenfreude of those who had already decamped to greener pastures. “Congrats you morons turned nyc into Britain,” wrote a Miami-based VC. “Seasoned criminals roam free while ordinary people who post mean words go to prison.”

For those of us in the trenches of X, the meltdown was a familiar sight, echoing the contempt that the tech elite have directed at San Francisco for years, with the endless lamentations of anarchy at pharmacy branches in Union Square or the liberal policies of politicians like Aaron Peskin.

Garry Tan—the outspoken president and CEO of Y Combinator, whose vitriolic eruption on X last year led to Peskin filing a police report—joined in the chorus decrying Mamdani. “At a party tonight with politically active San Franciscans and we were just thinking…wow, NYC is cooked,” he wrote. 

As a longtime New Yorker who has lived through the Bloomberg, de Blasio, and now Adams administrations, I will not opine on whether Mamdani deserves this response (though it should be mentioned, for non-New Yorkers, that the Department of Justice charged our current mayor with bribery related to Turkish Airlines ticket upgrades, among other perks, and had his case dropped by the Trump administration after agreeing to crack down on immigration. I think it’s safe to say we’re a pretty resilient city, regardless of the person in charge). 

But, given the San Francisco tech rebellion against their political ruling class, I was curious whether the same thing could happen here. I caught up with Julie Samuels, the president and CEO of Tech:NYC, which she founded alongside Union Square Ventures’ Fred Wilson in 2016 with backing from Bloomberg LP, Facebook, and Google. 

Those were the early days of Bill de Blasio’s mayorship, which represented a substantial ideological shift from that of his predecessor. Bloomberg was a champion of the nascent New York tech scene during his administration, helping create the Cornell Tech campus on Roosevelt Island and transform the Brooklyn Navy Yard into a tech hub. De Blasio campaigned in part on a repudiation of Bloomberg’s embrace of the city’s moneyed elite. 

Samuels didn’t go so far as to say that they founded Tech:NYC as a response to de Blasio’s election, but more diplomatically, that they “did really care about ensuring that the Bloomberg administration’s legacy supporting technology continued.” 

So, aside from X, how will the New York tech scene respond to Mamdani? Samuels said it’s too soon to tell, especially because none of the candidates really engaged on issues about technology during the primary, aside from a Crain’s poll about AI. Given how much more mature the world of New York tech is now than 10 years ago, it might be time for Mamdani to start thinking about it, though I would recommend he stay away from X. 

“Like many people in New York tech and beyond, I’m still unpacking it,” Samuels told me when I asked about Tuesday’s primary. “But New York is a city that constantly reinvents itself, and New York is a city where people always find a way to make cool big things happen, and I am confident that no matter who is mayor, we will continue to see this city thrive.”

Unfortunately, that doesn’t quite fit in a tweet. 

Leo Schwartz
X: @leomschwartz
Email: leo.schwartz@fortune.com

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Venture Deals

- Skynopy, a Paris-based ground station satellite connectivity solution provider, raised €15 million ($17.6 million) in funding from Alven, Expansion, Omnes, CNES, and existing investor Heartcore.

- Sceye, a New Mexico-based stratospheric platforms developer, raised $15 million in Series C funding from SoftBank.

- chatlyn, a Vienna-based AI communication platform for the hospitality industry, raised €7.5 million ($8.8 million) in Series A funding. Smedvig Ventures led the round and was joined by angel investors.

- Bonx, a Paris-based AI-powered ERP technology developer for the manufacturing sector, raised $8.6 million in seed funding. 9900 Capital led the round and was joined by Kima Ventures, Purple, OSS Ventures, and Dynamo Ventures.

- LogicFlo AI, a Boston-based AI agents developer for life sciences, raised $2.7 million in seed funding. Lightspeed led the round and was joined by others.

Private Equity

- IFS, backed by Hg, EQT, TA Associates, and others, acquired TheLoops, a San Mateo, Calif.-based agentic AI technology company. Financial terms were not disclosed.

- Visma, backed by Hg, GIC, ICG, and others, acquired Talana, a Santiago, Chile-based HR technology provider. Financial terms were not disclosed.

IPOs

- McGraw Hill, a Columbus-based educational publishing company, filed to go public on the NYSE. The company posted $2.1 billion in revenue for the year ending March 31, 2025. Platinum Equity backs the company.

- NIQ Global Intelligence, a Chicago-based consumer research company, filed to go public on the NYSE. The company posted $4.0 billion in revenue for the year ending March 31, 2025. Advent International, KKR, and NIM back the company.