🏦 Stifel Bank: Helping Others Succeed

🏦 Stifel Bank: Helping Others Succeed
Stifel

Hi folks,

Excited to share another LA startup profile. This week’s profile covers not a founder or investor, but rather an ecosystem partner without whom, LA’s entrepreneurship scene would not be possible.

If you’re a startup founder or VC in Los Angeles, I can almost guarantee you’re at most two degrees of separation from Al Guerrero. If you don’t know him, someone in your network does. Al is a fixture of the LA tech scene and, more importantly, is one of those people everyone likes instantly – one Zoom call, one conversation at an event, and you feel like Al is your best friend.

After years as a startup banker at SVB, Al is now building his own startup – a bank within a bank.

👦🏻 Early Life

Alejandro “Al” Guerrero’s story starts in San Francisco. Al was a Bay Area kid, raised by parents who emigrated from Mexico, met in English class, and got married soon after. When he was six years old, Al’s parents opened a Mexican restaurant in Berkeley called Guerrero’s, where he spent his evenings after school doing homework and helping out in the restaurant. Working while studying didn’t hold his (or his siblings’) grades back, though. He, his brother, and his sister all excelled in school, and all three attended UC Berkeley as first generation college students.

At Berkeley, Al studied business and, like many of us, didn’t know exactly what he wanted to do with his life post-college.

I majored in business because in my mind, “business people have jobs” and education for me was a path to provide for my family since they had sacrificed so much to put me in this position.

He also participated in Inroads, a non-profit dedicated to helping minority students break into corporate America. The organization marked two of Al’s defining characteristics starting to come into focus. The first is Al’s consummate ability to make meaningful connections in the business world. He’s a networker in the best sense of the word – as I mentioned above, everyone knows Al! The second characteristic is Al’s dedication to diversity and helping immigrants and people of color succeed.

After college, Al moved an hour south to attend Stanford’s Graduate School of Business and then onto investment banking at Merrill Lynch in Los Angeles, a city he hasn’t left since.

👨🏻💼 LA and 2023 Banking Crisis

Like many Angelenos, Al dabbled in Hollywood for a while, leading innovation and eventually starting the venture arm of Technicolor, the storied post production company. Throughout his time there, Al and his teams worked with brands, movie studios, and startups to bring their visions to life.

This servant mission led Al to his next firm, Silicon Valley Bank, where many of you likely met him.

To be honest, entering the commercial banking sector wasn’t something that was on my radar, so it was a bit of a risk (for both SVB and me) when I took the role. But I believed I had found my career calling with that role. I could leverage everything I had done in the past – from my time as a venture capitalist, to my time at a startup, to my finance background. Even my time at my family’s restaurant was relevant as it was instrumental in building a strong belief in customer service.

Al spent six years at SVB in LA as a managing director. Al's time at SVB was marked by unwavering support for the Los Angeles startup ecosystem. He nurtured relationships with founders and investors, recognizing the pivotal role banking could play in supporting innovative ventures. His customer-centric approach and commitment to delivering exceptional service endeared him to the entrepreneurial community. After supporting hundreds of startups and venture funds, Al left the firm following the devastating bank run, which led to the collapse of SVB.

The banking crisis was very stressful for both our clients and the employees of the company. During this time, I felt a huge outpouring of support from the LA startup community, many members of which had reached out to check in on me. I vividly remember being overwhelmed with emotion (and tears) when I read all of the posts on LinkedIn supporting me the day after the bank run. The support I felt reaffirmed my resolve to continue supporting the LA startup ecosystem, both in good and challenging times, similar to how the ecosystem had been there for me.

👨🏻💻 Building Stifel West Coast Venture Banking

But every crisis is an opportunity! Al had relationships and experience, which were now extremely desirable for other banks looking to move into the startup banking space, and Stifel came knocking.

I wanted to find a home that would be entrepreneurial, with the ability to move fast to support a client base that requires that level of responsiveness. I also wanted to go to a place that had experience in venture banking and that had strong CEO support. I found all of that at Stifel. Plus, when I found out that there were a total of 30 former SVBers moving over to Stifel, all of whom were the ‘best of the best’, it made my decision a no-brainer.

So what is Stifel and what does it do differently from its peers?

Stifel isn’t truly a startup – it’s a 130-year old financial institution. Al and the other ex-SVBers are building a startup within Stifel, though. The West Coast venture banking practice is brand new[GA(-LA1] , built from the ground up by Al and his team. In his own words,

Stifel’s Venture Banking is a full service commercial bank serving VC backed companies from inception to exit. After countless conversations with founders and investors, we have learned relationship-focused banking is critical to the venture ecosystem. To a degree, banking can be a commodity, and high-touch, white-glove service is what’s missing in the market. Our goal is to fill this gap and be available to support our clients at all times. For Seed and Series A companies, we are providing them a tailored banking bundle with flexibility, security and they can earn interest at very attractive rates. We are also active lenders to startups – issuing over 100 terms sheets in 100 days. From venture debt for Series A companies to lines of credit for later stage companies, we are here to support startups as they continue to scale.

We also bank venture funds, many of which may be struggling to find a bank that can support them. Our offering includes capital call lines which many banks aren’t as focused on providing in today’s market. Because of this focus, we have deep relationships with VCs that can prove to be helpful for our startups.

Lastly, we are actively supporting the SoCal Tech market. In the short time we’ve been at Stifel, we’ve already hosted over 14 events, and many of them were networking events for founders and VCs.

So who should talk to Al and his team at Stifel? To be honest, I’d say anyone looking for a good conversation, but anyone building a new startup or setting up a new venture fund is who they can help most.

Al has been a pillar of the LA tech scene for almost 10 years now, and it’s exciting to see him wearing his entrepreneurial hat with Stifel Venture Banking.

*This post was written in a paid partnership with Stifel Bank*
From Pitch Meetings to Power Lunches: LA’s Exclusive Membership Clubs 🗝️

Download the dot.LA App

Summer's here, so it's time to zhuzh up your work environment. Discovering the best membership and social clubs in Los Angeles for meetings can boost networking and collaboration, offering exclusive venues and premium amenities tailored for professionals and creatives to thrive amidst the city's vibrant backdrop. These clubs provide a sophisticated setting for productive gatherings and meaningful connections in LA. Here are some top private member clubs perfect for meetings and productive work sessions.

The Jonathan Club

Club Details: The Jonathan Club, one of Los Angeles' original membership clubs, has been a cornerstone of the city's elite social scene since its founding in the mid-1890s. Its legacy is intertwined with the growth and development of LA itself, most notably through a pivotal meeting held at the club that sparked the idea for a southern campus of the University of California—what would eventually become UCLA. Today, the Jonathan Club continues to offer its members an unparalleled experience of exclusivity and refinement. With locations in both DLTA and Santa Monica, members enjoy access to premium amenities and spaces and a calendar with hundreds of social events and workshops throughout the year, providing ample opportunities for networking, personal growth, and leisure activities.

Membership Details: Initiation fee is around $50,000, and admission typically requires that you be invited or know someone who is already a member.

Spring Place

Image Source: Spring Place

Neighborhood: Beverly Hills

Club Details: A mix between co-working space and social club, this Beverly Hills hotspot is a more exclusive version of similar clubs. Spring Place Beverly Hills spans three floors and offers a stunning art collection. The interior is filled with tons of natural light and has an intentional design that fuels members to harness some of their best work. Members also have access to luxurious dining and nightlife pop-ups that happen at Spring Place.

Membership Details: There is a non-refundable initiation fee of $500 and then local membership for people under 30 starts at $300 per month, while monthly membership for locals over 30 is $600.

Griffin Club

Image Source: Griffin Club

Neighborhood: Cheviot Hills

Club Details: Located in Cheviot Hills, Griffin Club LA is a sporty club with ample shared workspace. Following a $20M renovation in 2020, the club now boasts seven LED-lit tennis courts, four LED-lit pickleball courts, two recreational lap pools, a 25-meter family pool for kids, an adults-only resort pool, and childcare services. It's the ideal destination for a clientele looking to mix work with competitive sport.

Membership Details: Membership is by invitation only and is subject to approval. Membership prices at the club vary. A family membership entails a $12,000 initial fee plus a $450 monthly fee, while a junior membership only entails a $2,000 initiation fee and a $205 monthly fee.

Soho House West Hollywood

Image Source: Soho House West Hollywood

Neighborhood: West Hollywood

Club Details: Soho House West Hollywood provides a stylish and exclusive work and meeting destination, featuring chic meeting rooms and workspaces with panoramic views of Los Angeles. Combining luxury amenities with a creative atmosphere, it offers an ideal setting for networking, collaboration, productive sessions, and an amazing Sunday brunch!

Membership Details: Two current member referrals are needed, plus an online application, and a recent photo to confirm your identity. Quarterly memberships start at $675.25, but if you’re under 27, you can pay $337.75 quarterly. However, if you want access to every house, membership costs $5,250.00 annually, or $2,650.00 if you’re under 27.

Little Beach House Malibu

Image Source: Little Beach House Malibu

Neighborhood: Malibu

Club Details: The Little Beach House Malibu is a small, local club for the creative community of Malibu and the surrounding coastal areas. The club is known for its magnificent dining room, bar, sitting room and terrace. It is the perfect place for a truly memorable work meal.

Membership Details: Malibu Beach House is not included in the Soho House membership. If you are an existing member, you can apply for “Malibu Plus” for an additional $2,190 a year, or $1,095 if you’re under 27.

San Vicente Bungalows

Image Source: San Vicente Bungalows

Neighborhood: West Hollywood

Club Details: San Vicente Bungalows is an exclusive, members-only social club located in West Hollywood, California, offering a luxurious and private environment for its high-profile clientele. The club is renowned for its strict privacy policies, elegant decor, and high-end amenities, catering to celebrities (and royals) and industry elites seeking a discreet space to unwind and socialize.

Membership Details: You must be nominated by a current club member to apply. Applications are evaluated monthly and annual dues start at $4,200 plus a $1,800 initiation fee.

The Aster

Image Source: The Aster

Neighborhood: Hollywood

Club Details: The Aster, located at the iconic intersection of Hollywood Boulevard and Vine Street, redefines the modern members' club with its emphasis on warmth and hospitality, blending public hotel amenities with private club exclusivity. Featuring bright, airy spaces and top-notch facilities such as an outdoor pool, recording studio, and rooftop bar, it offers a fluid environment for work, relaxation, and socializing.

Membership Details: Memberships start at $3,600 per year and be acquired by filling out an application. In addition to uploading a photo, hopeful members also have to write a small bio while highlighting their interests, skills, profession, and hobbies.

NeueHouse

Image Source: NeueHouse

Neighborhood: Venice/Hollywood/DTLA

Club Details: NeueHouse in LA is a chic private workspace and cultural hub designed for creative professionals, offering sophisticated workspaces, a dynamic calendar of cultural programming, and luxurious amenities. Situated in three bustling neighborhoods across LA, it provides a collaborative environment where members can work, network, and unwind in style.

Membership Details: You have to apply for the Salon membership, which includes questions like “dream dinner guests (dead or alive?)." Annual dues for Salon memberships are $3,000 plus a $200 joining fee. You can also inquire about the Gallery membership for flexible workspaces and offices for individuals or teams, starting at $595 per month, with various options depending on your needs.

🧬🔬AI-Driven Drug Discovery

🔦 Spotlight

Terray Therapeutics is at the forefront of AI-assisted drug discovery and development, operating a cutting-edge laboratory in Monrovia, California. The facility, roughly two-thirds the size of a football field, functions as a data powerhouse, generating over 50 terabytes of raw data daily, which is an amount of information equivalent to 12,000 high definition movies, through its miniaturized automation processes.

Terray Therapeutics exemplifies a new wave of innovative companies harnessing artificial intelligence to revolutionize drug discovery and development. The key to their approach lies in generating vast amounts of high-quality experimental data to train their AI systems. This data-driven strategy enables rapid experimentation and pattern recognition, allowing the AI to make informed predictions about potential treatments. Terray's generative AI can digitally design drug molecules, which are then synthesized and tested in their high-speed automated laboratory. The platform measures the interaction between these molecules and target proteins, with both successful and unsuccessful results feeding back into the AI system.

This iterative process creates a powerful feedback loop, continuously refining the AI's predictive capabilities and accelerating the drug discovery process. Terray's tNova platform integrates chemical experimentation and computation at an unprecedented scale, producing massive amounts of precise, purpose-built data that becomes increasingly valuable with each cycle of design and experimentation. This unique blend of experimentation and computation allows Terray to efficiently explore a vast molecular space, potentially solving complex problems in drug discovery faster and more effectively than traditional methods.

🤝 Venture Deals

LA Companies

  • Fuze Technology, a provider of rentable portable phone chargers, has raised a $11.5M Series A led by Beverly Pacific and joined by Palm Tree Crew, Bain Capital Ventures Scout Fund, Dream Ventures, Live Nation, ASM Global, SCIENCE Ventures, Haslem Sports Group, and Simon Ventures. - learn more
  • Stanly, a platform that offers fan-to-fan and artist-to-fan communication and commerce, raised an $8M Funding Round led by C Capital and joined by AppWorks, Goodwater, and Palm Drive Capital. - learn more
  • GrayMatter, an industrial robotics company, raised a $45M Series B led by Wellington Management and joined by NGP Capital, Euclidean Capital, Advance Venture Partners, SQN Venture Partners, 3M Ventures, B Capital, Bow Capital, Calibrate Ventures, OCA Ventures, and Swift Ventures. - learn more

LA Venture Funds

LA Exits

  • Webtoon Entertainment, an online cartoon company based in LA carved out of South Korea's Naver, set IPO terms to 15m shares at $18-$21. It would have a $2.6b fully diluted market value, were it to price in the middle, and plans to list on the Nasdaq (WBTN). - learn more
  • EV maker Fisker has finally filed for bankruptcy. - learn more
Download the dot.LA App

Sony Pictures Experiences Division Formed After Alamo Drafthouse Acquisition

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Sony Pictures Experiences Division Formed After Alamo Drafthouse Acquisition

🔦 Spotlight

Sony Pictures Entertainment has acquired Alamo Drafthouse Cinema in a groundbreaking deal that marks the first time in over 75 years a major Hollywood studio will own a movie theater chain. This acquisition signals a potential shift towards vertical integration in the film industry, with Sony gaining more control over the distribution and exhibition of its films.

The deal allows Sony to expand its presence in experiential entertainment, aligning with its vision of engaging audiences outside the home through unique offerings. Alamo Drafthouse's innovative dine-in movie experience, devoted fanbase, and curated programming like Fantastic Fest make it an appealing acquisition target. Sony stressed that Alamo will continue operating its 35 locations under CEO Michael Kustermann, who will head the new Sony Pictures Experiences division.

While the move provides financial backing for Alamo after its bankruptcy struggles, questions remain about whether the chain can maintain its independent spirit and personality under Sony's ownership. Alamo is renowned for creative programming like themed events, interactive screenings, and a strict no-talking policy that has cultivated a passionate community of moviegoers. Balancing this distinct identity with Sony's corporate interests will be a key challenge moving forward.

From a technological standpoint, this move opens up possibilities for Sony to enhance the moviegoing experience at Alamo Drafthouse locations through integration of advanced audiovisual systems, immersive technologies, and projection/sound solutions. In addition, Sony could create a more seamless and connected experience for moviegoers, such as through integrated ticketing platforms, mobile apps, and personalization driven by data analytics. While specific technological plans are not detailed, the combination of Sony's resources and Alamo Drafthouse's innovative approach could foster synergies and drive the development of new technologies to differentiate the theatrical experience further.

🤝 Venture Deals

LA Companies

  • Apex, a satellite bus maker, raised a $95M funding round co-led by XYZ VC and CRV joined by Upfront Ventures, 8VC, Toyota Ventures, Point72 Ventures and others. - learn more
  • Regard, a developer of AI tools to help medical providers synthesize patient data, raised a $30M Series B led by Oak HC/FT at a $350M valuation. - learn more
  • Daisy, a small business tech installation startup, raised an $11M Series A co-led by Goldcrest and Bungalow. - learn more
  • Pyte, a startup that allows companies in highly regulated industries like finance and healthcare to perform computations on encrypted data without ever decrypting it, raised a $5M Funding Round led by Myriad Venture Partners. - learn more

LA Venture Funds

LA Exits

RELATEDEDITOR'S PICKS
Trending