JPMorgan Chase has shut down Capital Connect, the platform it launched in 2022 to help startups link up with VC investors.
Launched in late 2022, Capital Connect was designed to help founders build a network of investors, access benchmarking data, raise capital, and even trade shares on a secondary market.
JPMorgan put together a team of 125 people for the venture, led by Michael Elanjian, its head of digital investment banking and digital private markets.
However, as first reported by Fortune, the bank decided to pull the plug on the venture late last year and its website is now gone with staffers redeployed.
The bank had hoped that Capital Connect would help it strengthen ties with the VC community but it will now focus on doing this through existing banking relationships, a source tells Fortune.
Meanwhile, the platform and its infrastructure is being used for another business to be announced in the next few months.