James Khatiblou, the owner and CEO of Onyx Motorbikes, was watching his e-bike startup fall apart. Onyx was being evicted from its warehouse in El Segundo, Los Angeles. A shipment of around 100 CTY2 dirt bikes from Chinese supplier Suzhou Jindao was delayed, and customers were starting to demand refunds – a major problem considering Khatiblou already owed both lenders and shareholders a lot of money.
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Last month, one of the Bay Area’s better-known early-stage venture capital firms, Uncork Capital, marked its 20th anniversary with a party in a renovated church in San Francisco’s SoMa neighborhood, where 420 guests showed up to help the firm to celebrate, trade tips, and share war stories. There’s no question the venture scene has changed meaningfully since Uncork got its start. When firm founder Jeff Clavier launched the firm, he was mostly using his savings to write six-figure checks to founders.