Startup Institute Partners With Silicon Valley Bank, Closes $3 Mln Financing
Startup Institute, an immersive career accelerator, Tuesday announced a partnership with Silicon Valley Bank, the California bank subsidiary and the commercial banking operation of SVB Financial Group (SIVB). The company also announced an investment by SVB Financial of $3 million in the company to support worldwide expansion of offices and programs.
The partnership will help high-growth companies in the innovation sector find qualified candidates to scale their businesses, the company said.
Startup Institute launched its first program in 2012 to help startups find employees who could help their companies grow. The founders, including Katie Rae, founder of Startup Institute and Chairman of Techstars Boston, observed startup candidates were disoriented and failed to understand how high growth innovative companies work. They then sought to create a talent pipeline for high-growth startups.
Claire Lee, Managing Director for Silicon Valley Bank, said, “Since we are continuously looking for ways to help increase innovation companies’ probability of success, working with Startup Institute to address this problem is a natural fit. It gives students an on-ramp into the startup world, as well as the skills to succeed, while providing startups with access to an expanding workforce to help them scale.”