For Variety VIP+ Subscribers: Media's Venture Capital Prospects Dim in the Post-SVB Era
If cruel irony could take the form of a cloud, it’s looming ominously over Austin, Texas, this week at the annual SXSW festival, where entrepreneurs in creative businesses of all sorts convened in search of inspiration at a time when the climate couldn’t be any more discouraging for them.
“It’s definitely going to have impact on the venture ecosystem,” said Charles Hudson, managing partner and founder of early-stage venture capital firm Precursor Ventures, in the SXSW panel discussion “What’s Driving Digital Media Deals” Sunday. “I worry that it might cast a pall over just people’s willingness to engage in risky things.”
“Most of the media companies we invest in — it’s like the same three or four seed-stage investors,” said Hudson on the panel, moderated by The Wall Street Journal’s Jessica Toonkel. “I text them, and we’re like, ‘Are we gonna do this one together, yes or no?’ It’s not like there’s hundreds of VCs for these companies.”
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