Friday’s collapse of SiliconValleyBank has left tech companies scrambling for answers ahead of business on Monday, including many Utah-based startups.
Kat Kennedy serves as a general partner at Kickstart, a Utah-based venture capital firm that invests in companies during the pre-seed and seed stages. She said Kickstart has been monitoring the SVB situation since Thursday, since they’ve had a long-standing relationship with the bank.
About 50% of U.S. venture-backed startups banked with Silicon Valley, according to its website. Kennedy said that figure likely extends to Utah’s venture-backed companies banked as well, since SVB was often one of the earliest lenders and an “incredible partner” for new companies.After the news about SVB circulated on Friday, Utah Governor Spencer Cox tweeted, “We recognize the serious impact this has on many Utah firms with significant assets at risk.
“There’s a lot of misconceptions around who is going to be hurt if we can’t get deposits back — and who’s going to be hurt or employees,” Kennedy said. “These are not rich, wealthy people that are going to be hurt through what happened to Silicon Valley Bank. The people who are hurt are the depositors.”, Silicon Valley Bank had $209 billion in total assets at the time of its failure.
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