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Exclusive: A new VC fund for (all of) New York

Oct 11, 2013

FORTUNE -- Somak Chattopadhyay is launching a new firm called Armory Square Ventures, after having spent the past two years with Tribeca Venture Partners, Fortune has learned.

The name is a reference to a downtown Syracuse neighborhood, and reflects the Chattopadhyay's plan to back startups throughout New York State (including in the City, but with a greater focus upstate). The investment strategy will be to lead seed and early-stage deals for tech-enabled services start-ups.

"Who would have thought a couple of years ago that some of the biggest VC exits would be coming from Brooklyn, but then it happens with Tumblr and MakerBot," Chattopadhyay explains. "I feel the same thing will eventually apply to places in Central and Upstate New York. Armory Square, for example, is really turning into an emerging tech hub."

Chattopadhyay declined to discuss fundraising, except to confirm that leaving Tribeca was prompted by incoming interest by an investor who he won’t name (yet). He also is in talks to add a second partner, but wouldn’t share the name either.

As for Tribeca, the firm plans to hire a new junior partner to replace Chattopadhyay -- whose deals have included Altruik, StepOut, Mobile Commons, ReachForce and Truveris.

Tribeca’s Brian Hirsch adds that he hopes to be able to co-invest with Armory Square on future deals.

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