- Venture capitalists will support SVB if it is acquired and properly capitalized
- They recommend that their portfolio companies re-establish banking relationships with the bank
- Elon Musk wants to buy Silicon Valley Bank
Several venture capital investors released a joint statement in which expressed its support for Silicon Valley Bank. Among them: Accel, Altimeter Capital, B Capital Group, General Catalyst, Gil Capital, Greylock Partners, Khosla Ventures, Kleiner Perkins, Lightspeed Venture Partners, Mayfield Fund, Redpoint Ventures, Ribbit Capital and Upfront Ventures.
General Catalyst CEO Hemanta Taneji said that venture capitalists recently held a meeting to discuss the downfall of Silicon Valley Bank. They also thought about how this situation could affect the ecosystem.
“We will strongly support Silicon Valley Bank if it is acquired and properly capitalized. We will encourage our portfolio companies to re-establish banking relationships with the bank,” the statement said.
The future of Silicon Valley Bank is not yet known. Some believe that it can be purchased by a digital bank. Razer CEO Min-Liang Tan suggested that Twitter consider buying SVB and turning it into a digital bank. The owner of the social network Elon Musk is not against this idea.
Despite SVB’s problems, support for venture capital firms is a positive sign for the future.
