Expanding Venture Capital Access program

Creating a more inclusive venture capital ecosystem

What is the IBank Expanding Venture Capital Access program?

IBank’s Expanding Venture Capital Access program is designed to create a more inclusive venture capital ecosystem, by:

Supporting underrepresented venture capital managers.
Investing in underrepresented and underserved entrepreneurs and business owners.
Investing in geographic areas that are socio-economically disadvantaged or that receive very limited venture capital funding.
Promoting climate equity and climate justice.

The Expanding Venture Capital Access program is funded through the State Small Business Credit Initiative (SSBCI 2.0) program, which was created through the federal American Rescue Plan Act of 2021 and will invest $200 million in venture capital (VC) funds and businesses in the state. $150 million of the funds will be invested in VC funds, and the balance directly to businesses.

Why is the program needed?

Though California is home to a large and thriving venture capital community, it remains demographically concentrated and extremely challenging for underrepresented fund managers and entrepreneurs to access capital. California has a unique opportunity to catalyze a more inclusive venture capital ecosystem and overcome market gaps in the industry in order to:

accelerate change in California’s VC community by increasing the diversity of investment managers.
grow diverse owned and managed small businesses.
attract additional private capital into overlooked and underserved regions of California and climate equity.

What is California’s SSBCI program?

The State Small Business Credit Initiative (SSBCI) is a $10 billion small business program managed by the U.S. Department of the Treasury. Funding can be used for a range of financing activities that aid small business, such as small business loans and venture capital. California has been allocated $1.2 billion to fund programs administered by IBank and the California Pollution Control Financing Authority (housed in the California State Treasurer’s Office). Learn more on IBank’s SSBCI webpage.

Get Started

Our program intends to increase inclusivity in the venture capital ecosystem and invest in the most compelling investments. Cambridge Associates screens all investment opportunities for the Expanding Venture Capital Access program.

Please Note: We acknowledge there will be many opportunities with strong qualifications that we pass on as we seek investment opportunities in a highly competitive sector with our limited amount of capital.

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Venture capital fund managers

The program focuses on venture capital fund managers targeting fund sizes of at least $50 million.

To be considered for investment, please email Cambridge Associates a fund pitch deck. It would be most helpful to include:

Investment strategy
A list of historical and current investments
Investment track record with current valuations
Ownership detail
Team bios
A list of references
Fundraising timeline
Anchor investor and other Limited Partners

Important: If a fund pitch deck is not included in your email, Cambridge Associates will not be able to evaluate and respond to your email.

For more detailed information on program goals and eligibility, please refer to Criteria, Priorities, and Guidelines for Financing under the Expanding Venture Capital Access Program.

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Venture-backed startup businesses

The program can also, on an opportunistic basis, co-invest directly in startups that have secured a lead investor in the current financing round (debt does not qualify).

To be considered for investment, please email Cambridge Associates a company executive summary and indicate that you are a small business with a lead venture investor seeking additional funding. It would be most helpful to include:

An overview of the company with historical and forecast financials
Business model
Capital table
Current list of investors, including lead investor(s)
Term sheet for current financing, including amount you are seeking

Important: If a company executive summary is not included in your email, Cambridge Associates will not be able to evaluate and respond to your email.

For more detailed information on program goals and eligibility, please refer to Criteria, Priorities, and Guidelines for Financing under the Expanding Venture Capital Access Program.

Fact Sheet

IBank’s Expanding Venture Capital Access program is designed to create a more inclusive venture capital ecosystem. Click on the fact sheet to learn more about the program.