The riot at the US Capitol and resulting political crisis have had a chilling effect on campaign contributions. (Jon Cherry/Getty Images)
In the wake of the political crisis sparked by the riot at the US Capitol, the venture capital industry's main lobbying group said it's pausing campaign contributions to lawmakers who opposed certification of President-elect Joe Biden's victory.
- VenturePAC donated $723,358 to campaigns across both parties in 2019 and 2020, including funds backing senators whose terms are up in 2022 or 2024, the group disclosed to PitchBook News.
- "We are continuing conversations with our members and leaders in the industry, including those who contribute to the Venture PAC, to hear their feedback as we consider future Venture PAC contributions," a spokesperson said via email.
- The decision by VenturePAC, the fundraising arm of the National Venture Capital Association, comes one day after a similar move by the American Investment Council, which represents the private equity industry. Several major corporations have cut campaign ties as a rebuke to politicians who sided with President Trump.
- The turmoil has also prompted Sequoia partner Doug Leone, a top VC who has supported Trump in the past, to renounce the president. Recode quoted Leone saying in a statement, "After last week's horrific events, President Trump lost many of his supporters, including me."