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African venture capital firms with funds in SVB weigh maintaining the relationship
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The firm banked half of US startups, a third of UK startups and numerous startups in China, India and Latin America. Investors say they are open to keeping a portion of their deposits with the bridge bank created to replace Silicon Valley Bank.
Silicon Valley Bank's (SVB) new CEO, Tim Mayopoulos, has urged the bank's VC clients to return their deposits to Silicon Valley Bridge Bank, the new entity created by the FDIC to replace SVB. Some venture capitalists are considering the option, including at least one Africa-focused firm. SVB failed last weekend after a run on the bank wiped $42 billion in customer deposits, but African startups were mostly unaffected as most did not bank with SVB. However, a number of African VC firms and US venture capitalists that invest in African startups were affected.
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