A venture capital office for San Diego startups was opened Thursday in San Francisco, in an effort to create an environment where businesses can grow globally while hiring locally, Mayor Kevin Faulconer announced.
“San Diego has always been known for our beautiful weather but everyday more people around the world are hearing about our booming innovation economy and now we’re taking the show on the road,” Faulconer said Thursday.
“For the first time, San Diego’s smartest startups will have an official headquarters in Silicon Valley so our local businesses can access Bay Area funding while still prospering and hiring right here in America’s Finest City.”
The San Diego startup satellite office is located at co-working space WeWork San Francisco. The network of co-working spaces also held its grand opening at its first San Diego location.
In 2015, San Diego companies received about $1.3 billion in venture capital compared with Silicon Valley businesses receiving $27.8 billion.
San Diego’s entire innovation economy makes a $52 billion economic impact annually, which is about a quarter of the region’s gross domestic product, according to Faulconer.
The San Diego Venture Group soft-launched the new venture capital office in San Francisco this month to network with more than 400 venture funds in the Bay Area.
Any San Diego-based company can apply for access to the venture capital office and are vetted based on readiness and need.
“It’s time flip the equation,” said Mike Krenn, president of the San Diego Venture Group. “For the last 10 years, people have been complaining about the lack of capital in San Diego.”
— City News Service