Last week I wrote about pursuing angel and strategic investments from large corporations. Well, in case you hadn’t heard, I thought I’d pass along this tidbit, courtesy of Dan Primack’s Term Sheet,
Citi (as in Citi Group or Citi Bank) not only has a corporate venture fund, they’re trying to mirror the VC big boys. Citi has set up a venture funding office in Silicon Valley…and hired people from Battery Ventures and Menlo Ventures to help run it. This comes after they closed their venture fund (more of a PE fund) in Tokyo earlier this year due to poor deal flow and had significant turnover in their Citi Venture fund based in India.
Endgame: If Citi is your bank, they may be able to provide equity financing in addition to debt (bank loans)…or perhaps a hybrid of the two.