“30% of YC companies exposed through SVB can’t make payroll in the next 30 days,” he tweeted. Garry Tan, the president of Y Combinator, said more than a 1,000 YC-backed startups are impacted by the collapse of Silicon Valley Bank. I am lucky enough to have worked for companies that ranged from corporate giants like Uber and Coinbase to smaller startups that were run out of private residences in Silicon Valley. Categories Community content is available under CC-BY-SA unless otherwise noted. It allows tech startups to promote their products/services to potential investors. Growth ones are relatively safer as they diversified." A total of 13 Korean companies are participating in the Korea Pavilion of this TechCrunch Disrupt Exhibition, and you can see technologies in various fields. TechCrunch Disrupt is an annual conference in San Francisco, New York City, London, and Beijing. and raised their maiden round there often had SVB as their default bank, Ashish Dave, India head of Mirae Asset, tweeted. Indian SaaS startups and otherwise those backed by YC who set up their companies in the U.S. Many of these young firms did not diversify their funds into multiple banks because in the early days of a firm, operators tend to avoid increasing admin costs. A U.S.-based investor, who requested anonymity speaking candidly, said he knew for a fact that many Indian firms had about $4-10 million parked in their SVB accounts. Over a dozen Indian SaaS unicorns and many more "soonicorns" are headquartered in the U.S. banked with Silicon Valley Bank, a partner at one of the top venture funds said. Nearly all Indian SaaS startups with large presence in the U.S. ![]() and lifeblood for startups, citing "inadequate liquidity and insolvency." The Federal Deposit Insurance Corporation will work to recover "the maximum amount possible from the disposition of assets," it says on its website. Regulators stepped in Friday to shut down Silicon Valley Bank, the 16th largest in the U.S. ![]() VCs are cautious about divulging the names of the impacted startups out of fear that it might impede the young firms’ prospects of raising capital in the future. Over 60 YC-backed Indian startups have more than $250,000 stuck in accounts with Silicon Valley Bank and nearly two dozen have more than $1 million tied with the lender, according to a survey by and among the startups seen by TechCrunch, illustrating how the worst bank failure since the 2008 financial crisis is also impacting firms 8,000 miles away.ĭozens of young Indian startups backed by the likes of YC, Accel, Sequoia India, Lightspeed, SoftBank and Bessemer Venture Partners banked with Silicon Valley Bank, sometimes as their only banking partner, and couldn’t take out the money on time on Thursday, multiple people familiar with the situation said.
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