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Angel Investor (Individual)

Investments

7

Portfolio Exits

5

About Jeff Clavier

Jean-Francois "Jeff" Clavier, founder and Managing Partner of Uncork Capital (fka SoftTech VC), is a Palo Alto based active seed stage investor in Web 2.0 startups.

Headquarters Location

Palo Alto, California,

United States

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Latest Jeff Clavier News

In Their Own Words: What Silicon Valley Bank Meant To The Valley

Mar 15, 2023

Plato Data Intelligence. Layout Register Now Views: 1 Uncork Capital , one of the earliest seed-stage funds in Silicon Valley, banked exclusively with Silicon Valley Bank . On Friday, it had its 11 bank accounts frozen as news came out that the Federal Deposit Insurance Corp. had taken over the bank. Search less. Close more. It was the end of a 15-plus year banking relationship with SVB for Uncork Capital. Jeff Clavier, founder and managing partner of Uncork Capital “For the last 30 years, they have been a prime facilitator and supporter of the innovation ecosystem,” said Jeff Clavier , founder and managing partner of Uncork Capital, which was previously called Soft TechVC, via email. “Of course, there are other banks,” said Clavier. “But no one has the deep connections that the SVB community had created over the years.” Clavier worked to convince SVB to lend to seed-stage startups, something other banks were unlikely to do based on the risk profile of startups. Miriam Rivera, CEO, co-founder and managing director at Ulu Ventures “That is one of the big reasons that a lot of tech startups were so concentrated with Silicon Valley Bank,” said Miriam Rivera , CEO and co-founder at Ulu Ventures . “They really understood a lot of this market, understand the level of risk, and are willing to make available credit to small businesses,” she said. Before SVB’s founding in 1983, “it was difficult, if not impossible, for a start-up to secure a relationship with a large, established bank,” Sequoia Capital partner Michael Moritz wrote in the Financial Times on Sunday. “Small west coast technology companies were incomprehensible or insignificant to the large east coast banks whose customers included international airlines, heavy industry and nationwide retailers. Our companies, often started by people in their twenties, were bypassed or ignored.” Rivera is now guiding her portfolio to engage in strong cash management and retain more than one banking partner. With less liquidity in the market, customers will become more conservative with their spend, she said. Ulu Ventures banks with First Republic , another regional bank with strong ties to Silicon Valley whose stock was down 60% on Monday . Still, Rivera worked with SVB because 44% of Ulu’s 150 portfolio companies banked there. ‘A critical supporter’ One of the biggest concerns for startups is access to credit, which SVB supplied, Rivera said. However, early-stage startups with less than $5 million in revenue represented a small portion, only 3%, of SVB’s loan business. A larger proportion of SVB’s loan business — around 56% — catered to private equity and venture firms to support their capital commitments to startups, a business that was very low risk for the bank, but played a role in facilitating capital deployment for funds. Venture firms could deploy capital quickly once they made investments in startups by using loan financing from SVB. Firms would then follow up to get that capital from their limited partners over time. That helped to streamline the funding process, Rivera said. “We don’t necessarily have to make sure that dozens of LP checks have come in the door before we can actually wire money to a startup company,” she said. Jenny Fielding, managing partner at The Fund Jenny Fielding worked with SVB as the managing director of Techstars , and more recently as a managing partner at The Fund . “SVB was a critical supporter of so many founders and investors in the ecosystem,” she said via email. Fielding was recently a host to a women’s angel breakfast that SVB sponsored and was due to co-host an upcoming pre-seed event with SVB. The international angle SVB also played an important role in providing U.S. banking services to international startups looking to set up in the U.S. SVB helped one of The Fund’s Brazilian portfolio companies open an account in the U.S. as it is not easy to set up banking without a Social Security number. The startup has since raised Series A funding, something that likely wouldn’t have happened otherwise. Around 30% of The Fund’s portfolio companies banked with SVB. The firm also held funds with SVB for its management company that were covered by the FDIC, but not for its funds for investments. For Clavier it was personal as well. “They were banking a lot of us personally at the SVB Private Bank, and offered essential tools like capital call lines, mortgages, etc.” he said. “Their services facilitated our professional and personal lives, and it will be hard to replace those — and the people behind them who had become dear friends after so many years of working together.” Related reading: Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily. Health care and life sciences startups relied heavily on Silicon Valley Bank, and its demise may force a shift to more traditional banks. Silicon Valley Bank’s dramatic fall in just a handful of days likely will leave a lasting impact on the tech and startup ecosystem it tried so hard… The slow dismantling of Silicon Valley Bank Financial continued Monday, as it announced it was seeking “strategic alternatives” for its capital and… Of all the risks startup founders face, one thing previously assumed was that at least you’d be able to spend the money you did have. Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.

Jeff Clavier Investments

7 Investments

Jeff Clavier has made 7 investments. Their latest investment was in TipTop as part of their Series A on May 5, 2022.

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Jeff Clavier Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/12/2022

Series A

TipTop

$23M

Yes

5

5/11/2017

Seed VC

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$99M

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10

5/6/2015

Series C

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$99M

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10

5/4/2012

Seed VC

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$99M

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10

9/2/2010

Series A - II

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$99M

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10

Date

5/12/2022

5/11/2017

5/6/2015

5/4/2012

9/2/2010

Round

Series A

Seed VC

Series C

Seed VC

Series A - II

Company

TipTop

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Amount

$23M

$99M

$99M

$99M

$99M

New?

Yes

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Co-Investors

Sources

5

10

10

10

10

Jeff Clavier Portfolio Exits

5 Portfolio Exits

Jeff Clavier has 5 portfolio exits. Their latest portfolio exit was Chartbeat on July 25, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

7/25/2022

Acq - Fin

$99M

1

9/9/2013

Acquired

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$99M

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10

12/5/2012

Acquired

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$99M

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10

7/27/2010

Acquired

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$99M

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0

8/23/2007

Acquired

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$99M

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0

Date

7/25/2022

9/9/2013

12/5/2012

7/27/2010

8/23/2007

Exit

Acq - Fin

Acquired

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

10

10

0

0

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