TechFlow news, according to Bloomberg, more than 100 venture capital and investment firms have signed a statement supporting Silicon Valley Bank (SVB), part of a growing industry effort to mitigate the impact of SVB's collapse and prevent a potential "extinction-level event" for tech companies.
As of Saturday afternoon in San Francisco time, approximately 125 venture capital firms, including Sequoia Capital, had signed the statement led by venture firm General Catalyst, according to a person familiar with the matter. The statement was first released late Friday by a small group of initial signatories. It described the events of the past two days as "deeply distressing and concerning," and stated that investors would continue their relationship with the institution should it be acquired by another entity.
Also on Saturday, startup incubator Y Combinator released a petition signed by hundreds of founders and CEOs addressed to U.S. Treasury Secretary Janet Yellen and other regulators, calling for action to "alleviate and address the immediate severe impacts on small businesses, startups, and their employees as bank depositors." The petition urged a restructuring for small businesses that deposited funds in SVB and called on Congress to "restore stricter regulatory and capital requirements for regional banks."Source link
