JPMorgan Chasequietly closed its Capital Connect fundraising platform late last year, just over two years after its launch.
The closure was confirmed to American Banker by a company representative. Fortune first reported the closure of the platform that aimed to connect entrepreneurs with venture capital firms. The Capital Connect website is no longer operating, but the representative said the bank is still dedicated to venture capital investors and new businesses.
"We are as committed as ever to the venture capital community and the innovation economy," the representative said. "Our business now has more than 500 bankers serving nearly 10,000 clients across the U.S. and Canada."
Clients who signed up on Capital Connect or were using the platform to actively fundraise are still being served, the bank confirmed. Moving forward, JPMorganChase will continue to aid businesses through its extensive banking programs, the person said.
Capital Connect launched in late 2022 as a means of replicating the kind of relationships then-operating Silicon Valley Bank had with VC investors. SVB failed in March 2023 following a bank run and liquidity crisis.
Shortly before its launch, JPMorganChase announced its acquisition of Global Shares, an Ireland-based company that managed employee stock plans. The acquisition, Fortune reported, was "integral" to the creation of Capital Connect. In March 2023, JPMorganChase acquired Aumni, a data analytics provider for startup investors, in a move to further expand to the entrepreneurial sphere.
Global Shares has since been rebranded as J.P. Morgan Workplace Solutions.
As part of the longer-term strategy to cater to venture capitalists, JPMorganChase acquired VC-friendly First Republic in May 2023. Following the Silicon Valley Bank collapse, JPMorganChase hired on some of the bank's key talent, including SVB's former Head of Technology Banking John China in July of that year. China is now co-head of innovation economy, commercial banking.
JPMorganChase recently announced the promotion of Andrew Kresse to serve as China's co-lead on innovation economy. Kresse succeeded Melissa Smith who, with Matt Sable, was promoted to oversee the entirety of commercial banking.
