SVB 2023 crash
In early March a run on Silicon Valley Bank led to its takeover by the Federal government. During the following weekend, the startup and venture capital industry around the world was in crisis, as SVB banked both companies and their backers. The American government announced before the week started that depositors would be whole, and liquid on Monday, March 13. The story is not over. SVB affiliates around the world are still being sorted out, other banks are under pressure, and a second crypto-friendly bank was also taken over by the government. TechCrunch is working to better understand how founders are impacted in the wake of the initial crisis, and what’s ahead.
SVB’s commercial banking president: ‘Come on back, the water’s fine’
Four players in the banking industry spoke about what they are doing to offer startups and investors new alternatives in a post-SVB world.
5 investors discuss what’s in store for venture debt following SVB’s collapse
VCs don’t think venture debt is going away anytime soon, but five investors said getting it now will look different than before.
Despite a rocky start, climate tech is in a good position to tackle the rest of 2023
There are plenty of possible reasons why climate tech’s sudden stumble in Q1 2023 was merely a misstep and not the beginning of a downward spiral.
First Republic’s results are proof that the SVB meltdown was brutal for smaller banks
First Republic reported revenue and profit above analysts’ expectations, but for investors, other concerns outweighed the good results.
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How a fintech company handled a fintech crisis
Spend management company Airbase found itself trying to access its own funds while also helping customers make payments through Silicon Valley Bank during the bank’s collapse.
For Israeli entrepreneurs, the prospect of rising pressure on the country’s credit rating made banking diversification a more pressing issue.
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SVB collapse spared an already muted venture deal market
The past year has been tough for startups and investors, but at least Silicon Valley Bank’s downfall isn’t likely to make it materially tougher.
First Citizens is acquiring $72B in deposits and loans from Silicon Valley Bridge Bank
First Citizens has agreed to buy Silicon Valley Bank, the California lender whose collapse sent shockwaves through the financial sector.
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Now is the time to invest in Black-owned banks
It’s essential to consider this moment as an opportunity to start banking with some of the few Black-owned banks.
Emerging managers hope the new SVB offers the same support to new VCs
When it came to emerging managers, SVB went beyond just banking resources. These young VCs hope that support isn’t lost.
Silicon Valley Bank’s crash is providing valuable lessons all over the world
This week, some of my colleagues took a deep dive into the effects on consumers, businesses, banks, investors, etc. — all over the world — showing just how connected the…
Whether you are an individual or a company, it makes sense to have more than one bank. Yet, many startups don’t.
A $500 million term sheet in 12 hours: How Rippling struck a deal as SVB was melting down
As a serial entrepreneur who has famously endured some ups and downs, Parker Conrad thought he’d seen it all. Still, he never imagined that there would be a run on…
TechCrunch+ roundup: 7 VCs who are taking pitches, AI best practices, zero-based budgeting
With SVB’s contagion contained, the VC community seems open to writing smallish checks for pre-revenue startups.
Banking isn’t the only ‘single point of failure’ entrepreneurs should be rethinking
Silicon Valley Bank’s collapse reminds us of the entrepreneurial art of balancing ambitious risk and necessary caution.
SVB Financial files for Ch. 11 bankruptcy protection, says it has $2.2B in liquidity
One week after trading was halted for SVB Financial and regulators took control of the holding company for Silicon Valley Bank and other subsidiaries, SVB Financial has taken the next…
‘BRB, storing my money in gold’: Founders scramble to figure out which banks are safe
While diversifying assets feels obvious in retrospect, actually following that bit of advice is harder than it seems.
First Republic Bank could see $30B in rescue deposits coming, report says
First Republic Bank was caught in the wake of Silicon Valley Bank’s collapse over the weekend and saw its shares plunge earlier this week. Shares were rebounding as this new…
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Top crypto app downloads rise over 15% following SVB collapse
Following a shakeup in the U.S. banking system over the past week, crypto exchanges and wallets gained momentum as some look for bankless alternatives. The top 10 crypto applications for exchanges and wallets saw downloads rise about 15% since Silicon Valley Bank’s stock fell 60% last week, according to a chart from real-time app data…
A lot has happened with SVB, and unless it’s your job to edit the news, it’s possible you missed a slice of the saga, if not the entire story. Here’s…
Artifact co-founder Kevin Systrom on the SVB crisis, its further impacts and future of tech
Artifact, the new personalized news app from Instagram’s co-founders, is another startup whose funding was caught up in the Silicon Valley Bank failure, and co-founder Kevin Systrom believes there could…
Bummed out from the last week? Here’s some bullish news for software companies
Amid the chaos, there are rays of good news: PagerDuty and UiPath posted impressive earnings reports, and software valuations bounced off recent lows.
On Friday, I wrote about how Silicon Valley Bank has been closed by regulators, which are now in charge of the bank’s deposits. The bank is set to reopen Monday,…
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SVB collapse forces African startups to rethink their banking options
The collapse of Silicon Valley Bank (SVB) last week sent ripples in startup ecosystems around the world, and it is emerging that millions of dollars held by African startups and venture capital funds at the bank were at stake, until the U.S. Federal Reserve acted to save the day. In the wake of the bank’s…
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‘Trust is a hard thing to earn’: SVB’s closure could disproportionately affect Black founders
The social impact of Silicon Valley Bank was ‘unparalleled.’
Daily Crunch: Meta’s ‘year of efficiency’ continues as CEO announces plans to dismiss 10,000 more workers
Hello, friends, and welcome to Daily Crunch, bringing you the most important startup, tech and venture capital news in a single package.
Chaos in US banks could push crypto industry toward decentralization
The crypto industry lost some banking on- and off-ramps due to recent banking turmoil, signaling a potential shift toward decentralization.
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Silicon Valley Bank’s new CEO urges customers to bring deposits back
SVB’s new CEO Tim Mayopoulos has had a lot to say in the 24 hours since he joined the bank on Monday. In a private Zoom meeting run by SVB for a select number of LPs and investors, he asked clients to return deposits to the institution: “That’s the single-most important thing you can do…
Shares of First Republic Bank, a financial institution in the United States that does business with startups, are rebounding today after a punishing start to the trading week. Caught in…
3 investors presage the future of startups and VC following SVB’s downfall
“There’s going to be an extreme shift in general in the financial industry when it comes to financing startups.”
