Over 100 venture capitalists black Kamala Harris

In a significant boost to her presidential campaign, more than 100 venture capitalists, including high-profile entrepreneur Mark Cuban, publicly endorsed U.S. Democratic candidate Kamala Harris on Wednesday.

This show of support serves as a counterbalance to the backing that Republican rival Donald Trump has received from prominent figures in the tech industry.

Historically, Silicon Valley has been viewed as a stronghold of liberal politics; however, this election cycle has seen a notable shift, with some Republican figures gaining traction among tech leaders.

Trump’s recent selection of U.S. Senator JD Vance, a former venture capitalist, as his running mate has further solidified this trend. Nevertheless, Harris’s candidacy has rejuvenated enthusiasm among certain sectors of the tech community, especially following President Joe Biden’s withdrawal from the race on July 21.

In an open letter posted online, the group of venture capitalists articulated their values, stating, “We spend our days looking for, investing in and supporting entrepreneurs who are building the future. We are pro-business, pro-American dream, pro-entrepreneurship, and pro-technological progress.”

They emphasized their commitment to democracy and the importance of strong institutions, asserting that these elements are vital for the success of all industries.

Notable signatories of the letter include Reid Hoffman, co-founder of LinkedIn; Chris Sacca, a prominent investor; Katie Stanton of Moxxie; Eva Ho of Fika Ventures; and Rebecca Kaden of Union Square Ventures. Each pledged their support for Harris as she heads into the crucial November 5 election.

Aaron Levie, CEO of Box and a Democratic donor, shared insights with Reuters, highlighting that many in Silicon Valley felt “disillusioned” with the Democratic Party under Biden’s leadership. While Levie has not signed the petition, he has contributed to Harris’s campaign and previously to Biden’s before his exit from the race. He noted that Harris’s rise has “completely changed the landscape,” suggesting that a surge of donations could follow once she clarifies her positions on business and technology.

Mark Pincus, founder of Zynga and another Democratic supporter, expressed his uncertainty about the current political climate. He stated that he is now “undecided and confused” about his voting preferences.

Pincus indicated that a clear pro-innovation platform from Harris could resolve his concerns, acknowledging that while Trump and the GOP have articulated appealing messages, trust remains a significant issue.

The endorsement from venture capitalists comes on the heels of Trump’s increasing support from wealthy Silicon Valley investors.

Notably, Elon Musk, the billionaire CEO of Tesla, offered his endorsement for Trump following a July 13 assassination attempt on the former president. Additionally, David Sacks, the former COO of PayPal and a close associate of Musk, has hosted fundraising events for Trump, further solidifying the Republican presence in the tech sector.