Oakland is 5th Largest VC Funding Market in the Nation, Home to Major FinTech Giants
Oakland, CA - Earlier this week, the Oakland Chamber of Commerce premiered the 2019 Oakland Tech Trends Report at the Oaklanders Talk Tech Event, highlighting Oakland as a key player in the national tech scene. The report shows that East Bay saw $1.7 billion in venture capital funding in the first half of 2019, ranking it fifth in the nation - above Seattle, Chicago, and Washington, DC. Today, Oakland is home to FinTech giants such as Square, Marqeta, CreditKarma, LendUp, and Kapor Capital.
"This new report tracks venture capital investment in Oakland. In the heart of the East Bay, Oakland is now a major competitor for venture capital funds globally," said Zack Wasserman, Oakland Chamber of Commerce Chair.
The 2019 Oakland Tech Trends Report also indicates that economic opportunity in Oakland is growing. Over 200 new tech jobs were added between the third quarter of 2017 and the third quarter of 2018. Additionally, the total amount of deals completed in Oakland has also held steady, although year-to-date they were slightly down (58 in 2019, versus 68 in 2018). Trends demonstrate that fewer but larger deals are getting made in Oakland. Credit Karma's announcement that it will take up half of the newly-restored historic Key building in Oakland, and Square's acquisition of Uptown Station, exemplify this Oakland momentum.
Barbara Leslie, President and CEO of the Oakland Chamber, explained, "Oakland's tech sector has experienced job growth and wage growth in the past year. This indicates that the City of Oakland is welcoming and attracting talent against peer cities and regions. Oakland has a more racially diverse tech industry than neighboring tech hubs, however Oakland's tech sector still has a ways to go before it is representative of the Oakland community. We are building a diverse tech scene where Oakland's youth can thrive. Oakland is where tech is getting done."
The Chamber hosted an event with Fintech panelists Ahmed Ali Bob, Square; Kathleen Fitzpatrick, LendUp; Ken Maxey, moderator, Comcast; Nashley Mascarenhas, Marqeta; and Greg Bennett, Kapor Capital. Oaklanders Talk Tech. It included hundreds of local business leaders, Oakland Mayor Libby Schaaf, and a panel discussion on FinTech featuring experts from Square, Marqeta, LendUp, and Kapor Capital. The event was hosted by SiriusXM and Pandora, who toured a group of 10 OUSD computer science students around the Pandora campus during the event.
"The continued expansion of the tech sector in Oakland opens the door for community growth," says Christopher Thornberg of Beacon Economics. "Tech is driving job growth and wage increases, and offers increased opportunities for local residents from all backgrounds. The future of Oakland is doing tech right."
- from the Oakland Chamber of Commerce "Chamber In Focus" newsletter