"The Alliance for Southern California Innovation partners with Pacific Western Bank to support early stage startups in the region"

Creating pathways to venture capital for SoCal entrepreneurs

LOS ANGELES, Sept. 19, 2022 /PRNewswire/ -- The Alliance for SoCal Innovation ("The Alliance") is proud to announce that they have formally entered into a multi-year agreement with Pacific Western Bank to be the new lead sponsor of the SoCal Venture Pipeline program (SVP) which connects promising early stage startups with venture capital in order to improve access to institutional capital across the SoCal region. Entering its second year, the SVP program is completely free for the startups and investors who participate. The Alliance does not collect any fees or take equity thanks to this generous underwriting from Pacific Western Bank as well as continuing supporters Wilson Sonsini and KPPB LLP. Increasing capital access for innovative companies across the expansive SoCal region is core to The Alliance's mission and this particular program is a key ingredient.

Andy Wilson, Executive Director of the Alliance, said, "We are so fortunate in SoCal to have so many amazing founders building great startups across this massive and diverse region. However, access to critical early stage capital is not equally available to all. We rely on great partners like Pacific Western Bank who share our commitment to the region to deliver high impact programs like the SoCal Venture Pipeline."

"We are very excited to partner with the Alliance on the important mission of the SoCal Venture Pipeline program," Mark diTargiani, SVP of Pacific Western Bank's technology banking practice. "We are committed to supporting the venture community and entrepreneurs, and the Alliance has the great ability to bring together up-and-coming tech and life science communities and connect them to relevant investors. By working together and combining our two networks, we'll be able to connect promising early stage startups with venture capital, with the hopes of creating a more balanced and diverse group of founders in the SoCal area."

As part of the new sponsorship agreement, the program will now be renamed "The SoCal Venture Pipeline powered by Pacific Western Bank" and will continue to focus on matchmaking qualified early stage founders seeking seed and series A capital with the right investors. Startups based in the SoCal region who apply to be in the SVP program undergo a rigorous screening process by a team of investment professionals before being accepted into the program. Once accepted they are further vetted before receiving highly targeted personal introductions to appropriate investors in the Alliance's extensive and growing network of venture capital partners.

Since launching in March of 2021, over 250 startups have applied to the SoCal Venture Pipeline program of which 31 have been accepted and received vital support through connections to investors, advisors, and additional capital resources. As a result of the program, several startups have secured venture funding and more success stories are in process.

For SoCal-based tech startups that are raising $1M+ of seed or $4M+ of Series A institutional capital and meet the guidelines outlined in the program FAQ, apply now to begin the process of getting connected to the right investors.

The Alliance for Southern California Innovation (the "Alliance") is a not for profit formed in 2017 that has successfully brought together the heft of Southern California's top research institutions, local business leaders, and world-class advisors to focus on bridging critical gaps in the SoCal innovation ecosystem. The goal of the Alliance is to engage and unify SoCal's compelling diversity of talent, ideas, and perspectives in order to optimize the conditions for the region's innovators to bring breakthroughs to the world.

Pacific Western Bank is a commercial bank with over $40 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado. The Bank is focused on relationship-based business banking to small, middle-market, and venture-backed businesses nationwide. The Bank provides venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. To learn more about Pacific Western Bank, visit www.pacwest.com.

Contact: Eric Eide, The Alliance for SoCal Innovation
Email: [email protected]

SOURCE The Alliance for Southern California Innovation

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