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Friday, Dec 8, 2023

Venture Summit’s Growth Shows Evolution of Local Scene

Due in part the cameo appearance of a former Google executive, San Diego Venture Group saw record attendance at its annual Venture Summit late last month. The crowded two-day affair was markedly different from previous years, signaling the local startup scene is picking up steam.

One venture capitalist visiting from Bay Area VC firm Canaan Partners said that he sees opportunity in San Diego for investors.

“Markets like San Diego, Los Angeles, Chicago and Denver are the most untapped markets,” said Rayfe Gaspar-Asaoka, an associate VC from Canaan.

This year, the summit attracted 700 attendees and over 120 venture capitalists from startup hubs across the country, including many visitors from Los Angeles and San Francisco. That compares with 600 total attendees last year, and 85 venture capitalists. The quantity of the VCs wasn’t the only thing that changed this year. The quality of the picks improved as well with top tier funds represented.

“These were real, active VCs who are writing checks as opposed to individuals who write one check a year,” said Mike Krenn, president of the San Diego Venture Group.

Attendees appeared to be enjoying the event, including John Otterson, a partner at Jackson Square Ventures and the son of Bill Otterson, the founder of San Diego’s startup accelerator Connect.

“Mike Krenn and SDVG crew absolutely crushing it,” Otterson posted on social media. “This is Connect v.3.0.”

Perhaps the biggest highlight of the event was the keynote presentation by Bill Maris, the rather elusive founder and former CEO of Google Ventures. Maris moved from San Francisco to Del Mar when he married his wife, the singer-songwriter Tristan Prettyman, in 2014.

He recently made waves in local news when word spread earlier this year that he was raising a sizable venture fund in San Diego. That fund has reached $160 million in size, and Maris said during his keynote that he was already moving on plans to raise a second fund.

The news of Section 32 was big in San Diego because there are few institutional tech investors in the county. Maris said Section 32 is most interested in startups dabbling in data and/or the life sciences.


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