“Capital Connect didn’t work as planned but the bank’s ties to venture capital and its plans to dive further into the innovation economy remain,” one of the people, who declined to speak on the record, said.
JPMorgan Chase is still committed to helping emerging companies raise money but has opted to do that through its existing banking relationships rather than the Capital Connect platform, the person said. Any client who signed up on Capital Connect, or was in the midst of a fundraise, is still being served, they said.
A JPMorgan spokesman declined to comment.
“Capital Connect had competition, [and] it didn’t really reach a state where it had bespoke value to offer all ends of the marketplace,” one entrepreneur said.
Even though Capital Connect didn’t work, venture capital and the startup ecosystem remain a key growth area for JPMorgan. The bank has more than 500 bankers in its innovation economy business that supports the needs of nearly 10,000 clients, including venture-backed companies and investors.
