Follow-up on the Brexit Fallout, and how venture capital firms are fleeing London
SAUSALITO, Calif., July 25, 2016 /PRNewswire/ — Like many people in the Private Equity and Venture Capital industries, James Bernard and the other managing directors from Sienna Ventures have spent a lot of time lately discussing Brexit, and the impact of the historic exit of Britain from the European Union.
In order to share their thoughts on the subject, Bernard—along with fellow Managing Directors John Rooney, David Smith and Gary Hawkins—recently posted an in-depth article about the Brexit situation on the company’s website. To learn more about Sienna Ventures and to read the strategic review, people may visit the site at any time.
“In the short time since Brexit took place, we have observed how numerous venture capital firms are changing their strategies, and how many of them do not intend to invest in London after the vote,” Bernard said.
Brexit will also have a negative impact on startups based in London, Smith said.
London once a ‘start-up capital’
“Before Brexit, London was an ideal location for startups, due in part to the amount of capital in the region. The UK’s decision to leave EU definitely has owners of startup companies questioning their decision to stay in London,” Smith said.
Hawkins expressed concerned that the decisions of up-and-coming startups to leave London is only the beginning.
“I feel that it’s a sign of bigger things to come. In the upcoming days, I predict that we will read about how larger companies also wish to reassess their presence in the UK,” he said.
Other Venture Capital and Private Equity firms have voiced similar concerns, Bernard said, and numerous articles like one in Tech Crunch echo his opinions.
“The immediate effects on startups have been incredibly personal…European staff suddenly have no idea how long they will be able to work in Britain,” the article said.
About Sienna Ventures:
Sienna Ventures is a venture capital firm specializing in seed and start-up investments. Sienna Ventures has an extensive history of successfully funding over 50 businesses. At Sienna Ventures, their primary focus is on companies providing software, medical technology, wireless communications, Internet infrastructure, cloud computing, ecommerce and networking with the early financing that they need to go forward confidently and make a real difference. For more information, please visit http://www.siennaventures.com/