DENVER — Silicon Valley Bank (Nasdaq: SIVB) has relocated its Broomfield office to downtown Denver, reflecting the emergence of new technology and startup hubs along the Front Range.
The Santa Clara, California-based bank first opened an office in Boulder in 1996. That operation moved to 380 Interlocken Crescent in Broomfield in 2007, employing about 50. Now, the office has moved once again, to 1200 17th St. in the Tabor Center, which provides room for growth.
Silicon Valley Bank dubs itself “the Bank for the Innovation Economy,” serving as a financial partner to high-growth technology and life-sciences companies, including those backed by venture capital or private equity, or those seeking such funding.
Josh Dorsey, managing director for Silicon Valley Bank, said the move to Denver reflects the increased number of tech and startup hubs along the Front Range, including Denver, Fort Collins, Golden and Colorado Springs.
“There is a shift of more companies and more company formation happening in Denver, more so than it’s been ever in Colorado’s history,” Dorsey said.
He said ease of travel to and from Denver International Airport via rail, as well as Denver’s central location along the Front Range, makes it an ideal location for visiting investors, board members and client companies from surrounding states.
“There is now a critical mass of companies that are in our target market that are in Denver, which made it make sense for us to have an office here,” he added. “We also wanted to be kind of a landing spot for people coming into town that also serve our ecosystem.”
Dorsey said he does not see the center of gravity for the tech sector shifting from Boulder, just that other parts of the Front Range are playing a bigger role in the state’s tech scene.
“Boulder is always going to have a special place, and it’s always going to produce really great technology or a category of companies that will attract venture-capital money,” Dorsey said.
David Cohen, founder of Boulder-based Techstars, said in a prepared statement that “SVB is a vital part of the fabric of the Colorado innovation economy. It has a deep understanding of the needs and challenges of local technology and life science companies and is committed to helping them achieve their goals.”
Dorsey noted that Colorado companies raised $2.03 billion in venture capital in 2019.
SVB’s Denver hub houses credit administration and several SVB teams. The Global Fund Banking team, headed by Mark Thylin, serves the Rocky Mountains, the central United States, the Pacific Northwest and Canada and works with venture and private-equity firms, including local firms Foundry Group, Platte River Equity, Resource Capital Funds and Techstars Ventures.
The Central U.S. Life Sciences team is led by Tom Hertzberg and a team of health-care bankers that provides financial services to fast-growing local companies such as Clovis Oncology Inc. (Nasdaq: CLVS), Inscripta Inc., Array BioPharma and ArcherDX Inc., all based in Boulder.
Mike Devery heads the Strategic Capital Group, providing mezzanine and convertible debt to growth-stage technology companies.
The Tabor Center office includes an event space for SVB-hosted and industry events, along with ski lockers for visiting founders, investors and CEOs seeking time in nearby ski resorts.
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