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Silicon Valley Bank Update
We were in touch with several CDVCA member funds this weekend whose portfolio companies have deposits at Silicon Valley Bank, or even have deposits there themselves. It has been stressful for many portfolio companies and their employees, as well as for the venture-backed entrepreneurial community at large. As you probably know by now, federal regulators have stepped in to guarantee 100% of SVB deposits, not just the those under the $250,000 FDIC deposit insurance limit. All funds should be available to depositors today. We will continue to follow developments and provide advice as useful. It appears what could have been an existential crisis for some portfolio companies has been averted.