Square 1 Bank, a full service commercial bank serving the financial needs of entrepreneurs in the life science and technology sectors, and the venture capital community, today announced strong momentum in Silicon Valley including new key hires, client wins and key partnerships with local startup incubators.
This news comes on the heels of the MoneyTree™ Report from PricewaterhouseCoopers LLP and the National Venture Capital Association, which found that venture capital firms invested over $5.3 billion (across 514 deals) in Silicon Valley startups in the first half of 2012.
“Venture activity in Silicon Valley remains robust, and Square 1 Bank’s ongoing growth and momentum certainly reflects this. We are committed to being a financial partner that supports growing companies and their investors with the experience, flexibility, speed and creativity they deserve,” stated Sam Bhaumik, Executive Vice President, Banking Silicon Valley.
Recent new hires in Silicon Valley include:
- Benjermin Colombo, Senior Vice President, Life Sciences. He has over 13 years experience working with Silicon Valley startups and venture funds. Previously, he was Senior Manager of Life Sciences at Silicon Valley Bank.
- Philip Korn, Senior Vice President, Venture Capital Relationships/Banking. Previously, he was a managing director at First Republic Bank, where he supported early stage companies and venture firms.
- Timothy J. McDonough, Vice President, Venture Banking. Previously, he was Principal at Hercules Technology Growth Capital.
This hiring corresponds with an increase in new banking clients, including Credit Karma, a pro-consumer company offering free credit scores and credit monitoring; Mixbook, a free online service for creating and sharing personalized photo books; and Vitapath Genetics, which is developing a platform for genomic-based tests that determine an individual's need for targeted therapy in certain medical conditions treatable with vitamins.
Square 1 Bank also continues to support the startup ecosystem through sponsorships and partnerships. It is the official banking partner of Greenstart, which invests in some of the best digital cleantech startups and helps them achieve progress during its 3-month Startup Design™ program. Square 1 is also a resource partner for StartX, a non-profit organization whose mission is to accelerate the development of Stanford's top entrepreneurs through experiential education. Most recently, the Bank sponsored StartX Demo Day on September 6, 2012. Upcoming sponsorships include DEMO Fall 2012 and Venture Alpha 2012.
"Square 1 Bank’s support of StartX and our founder community goes far beyond its banking services. The bank’s strong understanding of entrepreneurs and how to successfully navigate the Silicon Valley startup ecosystem has been an invaluable asset,” stated StartX Partnerships Director John Melas-Kyriazi.
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients’ needs. The bank offers tailored products and solutions aided by the latest in technological innovations. Square 1 has offices coast to coast in Austin, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
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