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- šļø What the Silicon Valley Bank collapse means for Vancouver tech
šļø What the Silicon Valley Bank collapse means for Vancouver tech
Plus, find out which Vancouver company just raised a Series A, and how you could soon exercise to your favourite movie.
Allison Gacad
March 12, 2023
Well, hello! Iām usually in our membersā inboxes to report the daily news, but today I have the pleasure of steering the helm of our Sunday Briefing. Kate is covering SXSW in Austin and itās quite the time to gather among the worldās tech entrepreneurs and investors, to say the least.
The unofficial American startup bank of choice, Silicon Valley Bank, collapsed on Friday, and itās sent the tech industry into a tailspin. Itās notably the largest bank fallout since Washington Mutual and investment banks Lehman Brothers and Bear Stearns fell in 2008. Startupsā payrolls are in jeopardy and investorsā funds are at risk, but the steak dinners at SXSW were already paid for, I guess?
While SVB has (had?) a Vancouver office, it only provided venture debt rather than banking services. However, there are second-hand impacts that could surface. For example, local tech companies that either used SVB as their bank of choice when in the U.S or received funding from American investors who banked with SVB could be in a precarious situation. If this sounds like something youāre navigating, give me a shout at [email protected].
Now onto todayās briefing. Itās 1,133 words: a four-minute read.
-Allison, @allisongacad
P.S. If someone else sent you this, you can subscribe right here, right now. If youāre already subscribed, consider becoming a member:
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