New York City: It's home

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Paperless Post founders and siblings James and Alexa Hirschfeld knew from the start that they wanted to base their online invite company in New York City.

"We, my sister and I, founded it together, we're from New York," James Hirschfeld told CNNMoney.

"We went out on a limb to start this company. We quit our jobs. We didn't have paychecks, so we were actually living at home," Hirschfeld said. "There was sort of a financial incentive to stay close to home and to build this in the city that we came from."

Hirschfeld said the company's growth happened to coincide with the growth of New York's tech scene.

By the second and third rounds of funding, there was "more interest in the tech scene here, and also a bigger pool of human capital to hire."

First published September 27, 2017: 5:21 PM ET