Daily News: October 18, 2013

Square 1 Bank Provides Facility to CrossCut Ventures

Square 1 Bank announced that it has provided a credit facility to CrossCut Ventures, a seed-stage venture capital firm.

Launched in 2008, CrossCut Ventures is led by Co-Founders Rick Smith, Brian Garrett and Brett Brewer, who together bring over 60-plus years of combined experience in starting, operating, investing in and successfully exiting technology companies. The firm’s investment focus is aligned with the emerging technology ecosystem in Southern California, with sectors ranging from online advertising, mobile, gaming, consumer Internet and e-commerce, to next-generation infrastructure and analytics.

“We are pleased to partner with bankers that know the venture capital industry so well,” said Rick Smith, managing partner at CrossCut Ventures. “The Square 1 Bank team really took the time to understand our model and delivered a tailored financial solution that will smooth out timing differences for our LP calls.”

Leslie Smith, senior vice president in Square 1 Bank’s Venture Capital Services practice, added, “CrossCut Ventures is a great supporter of the Southern California tech ecosystem. This partnership gives Square 1 the opportunity to affirm our commitment to the region while establishing a new connection with a proven firm. We look forward to a mutually beneficial relationship.”