Top venture capitalist firms express concern over Silicon Valley Bank collapse | Loktej Business News
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Several leading venture capitalist (VC) firms expressed dismay and concern over the collapse of Silicon Valley Bank (SVB), one of the largest US banks investing in the global startup community. VC leaders including Accel, Khosla Ventures, Altimeter Capital, Lightspeed Venture Partners, Mayfield Fund, Ribbit Capital and Redpoint Ventures discussed the aftermath of the SVB collapse. In a joint statement, they said SVB has been a trusted partner to the venture capital industry and startup community for the past 40 years, playing a key role in supporting innovation in America.
Ashneer Grover, former founder of BharatPe, suggested a solution
While BharatPe’s former founder, Ashneer Grover took a dig at the VC leaders who issued the joint statement saying that they are not ready to save the bank. He compared the situation to the acquisition of the crisis-hit Punjab and Maharashtra Co-operative Bank (PMC) by the Centrum-Bharatpay consortium, which he claimed was the smartest corporate move in history.
The future of many startups hangs in the balance
The collapse of SVB has left many startups in limbo, including many in India. The collapse of SVB has raised concerns among the venture capitalist community, and it remains to be seen what the future holds for SVB and the startups that rely on it for support.
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