A popular kids' toy store is begging customers for cash because its money is tied up in SVB. It's one of thousands of startups that now faces uncertainty.
, a venture-backed, interactive toy store with locations in New York, New Jersey, and California, is one such example. its first store in 2018, announced a 40% off sale on all of its merchandise on Friday, using a tongue-in-cheek promo code, 'BANKRUN.'
"All of our cash was at SVB and we are trying to build up our balance at Chase," Camp CEO and co-founder Ben Kaufman told Insider via Twitter direct message. In an email to customers, CEO Ben Kaufman wrote they are"hopeful this will be resolved soon." Silicon Valley Bankon Friday, with financial regulators taking control of its deposits. The bank's implosion happened over just 48 hours after the bank made a surprise announcement on Wednesday that it needed to raise $2.
"The real victims of the SVB fallout are the depositors: startups who cannot make payroll, and will have to shut down or furlough *next week*," Y Combinator CEO Gary Tan"If these startups wait weeks/months for their deposits, we have destroyed a generation of US startups, *at random.*"Subscribe to push notifications
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