CrossCut Ventures Gets Credit Facility

Santa Monica-based CrossCut Ventures, the venture capital investment firm founded by Rick Smith, Brian Garrett, and Brett Brewer, has received a new credit facility from Square 1 Bank, Square 1 announced this week. Size of the credit facility, and terms, were not announced. Neither CrossCut Ventures nor Square 1 Bank disclosed what CrossCut would be doing with that new source of funding, expect CrossCut said it expected the line to help it "smooth out timing differences" for its LP calls. Venture capital companies typically only call capital from their LPs on an infrequent basis. CrossCut is an investor in such companies as Docstoc, Eventup, Gumgum, Science Inc., Shoedazzle, and StyleSaint.