Henrique CEO Brex

Brex, the $2.6 billion credit card startup, hosted a webinar Tuesday for other startups that were planning to fundraise in early 2020.
With recession bells already ringing, many startups are concerned that venture capital funding may be hard to come by through the end of 2020 and could spell disaster for young companies.
Brex has spent the better part of the last 12 months developing a series of community-oriented initiatives, like its members lounge and extensive programming, among its cohort of startup peers.
The three-year-old company shared its contingency plans in a presentation on Tuesday, including revisiting headcount and an interim board meeting, as guidance for what other startups should consider during any moment of prolonged economic uncertainty.
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Even Brex’s community programming has gone virtual as Silicon Valley enters week two of widespread shelter-in-place orders across the state.

The $2.6 billion credit card startup spent the better part of the last 12 months creating a robust network of perks, programming, and physical spaces dedicated to building a community among its cardholder members. It opened a cafe, a lounge space, and started hosting regular fireside chats and how-to sessions geared towards its peers — founders of small and medium startups.

On Tuesday, that turned into “Brex-fast in Bed,” a virtual gathering of Brex’s network of startup founders and entrepreneurs to figure out how to navigate the fundraising process during the current period of economic uncertainty.

“We fear the impact of COVID-19 on the economy,” Brex cofounder and co-CEO Henrique Dubugras told the hundreds of startup employees tuning in on Tuesday. “Most small businesses don’t have more than one month of savings.”

The credit card startup caters mainly to other startups and has launched dedicated financial services for young companies in the e-commerce and healthcare industries.

Source:: Business Insider

      

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