Erik Peña has been a managing director at US-based bank Silicon Valley Bank for the past three years. He is now moving to a role as the head of the bank’s new unnamed strategic corporate venturing unit, with a mandate to invest in and acquire companies and teams that have strong strategic alignment with the bank.
He said: “This is a core part of our growth and innovation strategy for the future. We will be looking quite broadly, both in terms of stage as well as opportunities that enhance current Silicon Valley Bank businesses, and others that potentially expand us into new directions or create entirely new business lines.”
Prior to this appointment, Peña managed external CVC relationships, connecting corporate venturing groups to Silicon Valley Bank clients for investment or partnership. The new role allows him to continue that connective history while he can make investments specifically for Silicon Valley Bank.
Peña said he was attracted by CVC units because they could inject capital and strategic corporate support to startups, propelling growth through internal and external connections critical for both early customers and partners. He added: “In addition to making sound investment decisions, CVCs must ensure alignment with corporate strategy and envision how their investments can help transform the organisation for the future.”
Although Silicon Valley Bank’s CVC initiative is still in its early days, Peña said it had already “built an incredibly robust external CVC network” to which the unit could reach out for advice, dealflow, shared lessons and co-investment opportunities. He said: “We have very close relationships with nearly all of the leading CVC groups as well as many of the emerging ones.”
