Local startups will soon have a direct tap into major funding resources from the nation’s tech capitol.
Mayor Kevin Faulconer announced the soft launch of a new venture capital satellite office in San Francisco on Monday that will allow local startups access to more than 400 venture funds from the Bay Area.
“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,” Mayor Faolconer said.
The San Diego Venture Group will operate the “BeachHead” out of the co-working space WeWork San Francisco. The office is designed to bring startups together with collaborative workspaces, common areas and an outdoor terrace bar.
Mayor Faulconer first pledged to open the office during his 2016 State of the City Address in January.
San Diego also just received a WeWork site of its own downtown with the grand opening of WeWork B Street on Monday. According to WeWork, the B Street location is one of the largest spaces on the West Coast.
A quarter of San Diego’s gross domestic product comes from the city’s innovation economy, which makes a $52 billion annual economic impact according to the mayor’s office.
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San Diego received about $1.3 billion in venture capital in 2015 compared to the $27.8 billion the Silicon Valley saw last year.
Local companies can apply for access to the San Francisco office through the San Diego Venture Group website. Companies are approved based on readiness and need.
