Bad news for startups in Silicon Valley has been piling up for months. Now they are also losing a supposedly reliable financing partner with the SVB. Not only young companies in the USA are affected.
Police officers exit Silicon Valley Bank in Santa Clara. The collapse of the bank came as a shock to many start-ups and investors.
Jeff Chiu / AP
The sudden demise of Silicon Valley Bank came as a shock to many Silicon Valley startups and investors on Friday. The SVB, as it is commonly known, was the financial backbone of the tech ecosystem: Most of Silicon Valley’s startups and venture capitalists (VCs) now have their accounts with the traditional company.
