“For forty years, it has been an important platform that played a pivotal role in serving the startup community and supporting the innovation economy in the US.” “Silicon Valley Bank has been a trusted and long-time partner to the venture capital industry and our founders,” the statement reads. In the hours that followed more than 100 other firms signed on, including Sequoia, said one of the people, who asked not to be identified because the discussions were private. General Catalyst Chief Executive Officer Hemant Taneja posted the resulting statement on Twitter following the meetings, indicating the support of Kleiner Perkins, Khosla Ventures and others. On Friday, a group of investors for high-profile firms met over Zoom in a series of meetings, according to one person familiar with the discussions. ![]() ![]() First released Friday by a smaller group of signatories, the statement called the events of the last two days “deeply disappointing and concerning,” and said that the investors would continue relationships with the institution if it were bought by another entity.Īlso on Saturday, the startup incubator Y Combinator posted a petition signed by hundreds of founders and chief executives to US Treasury Secretary Janet Yellen and other regulators, asking for “relief and attention to an immediate critical impact on small businesses, startups, and their employees who are depositors at the bank.” The petition asked for small businesses that had deposited funds at Silicon Valley Bank to be made whole, and for Congress to “restore stronger regulatory oversight and capital requirements for regional banks.” ![]() As of Saturday afternoon in San Francisco, about 125 venture firms including Sequoia Capital had signed on to the statement, spearheaded by venture firm General Catalyst, according to a person familiar with the matter.
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