Silicon Valley venture capital joint statement: If SVB is acquired and properly capitalized, we will strongly support portfolio companies to resume business cooperation with them

On March 11, Hemant Taneja, CEO of General Catalyst, said in a message on social media that several VC leaders had met today to discuss the consequences of the collapse of SVB, and now issued a joint statement as follows: For 40 years, Silicon Valley Bank (SVB) has been a trusted long-term partner of the venture capital industry and founders, and it has always been an important platform, It has played a key role in serving the entrepreneurial community and supporting the innovative economy of the United States. The events of the past 48 hours are deeply disappointing and worrying. If SVB is acquired and properly capitalized, we will strongly support and encourage our portfolio company to resume its banking relationship with SVB.

Interpretation of this information:

The message reveals that there has been a meeting among several venture capital (VC) leaders to discuss the potential consequences of the collapse of Silicon Valley Bank (SVB), and a joint statement has been issued. The message acknowledges SVB’s role as a trusted partner of the venture capital industry and founders for the last 40 years. The VC leaders express their deep disappointment and concern about recent events affecting the bank, and state that they will encourage their portfolio companies to resume their banking relationship with SVB if it is acquired and properly capitalized.

The collapse of SVB would have significant repercussions for the venture capital industry, which relies on the bank for its services. As a long-term partner, SVB has provided crucial financial support and advice to founders, helping them to grow their businesses and drive innovation in the US economy. The statement by the VC leaders highlights the importance of SVB’s role in serving the entrepreneurial community, and the need for the bank to continue its activities in a sustainable manner.

The joint statement also indicates that VC leaders are closely monitoring the situation and stand ready to support SVB if it is acquired and capitalized properly. This suggests that there is a willingness among investors to maintain a strong relationship with the bank, provided that its financial stability is ensured. The statement can be seen as an attempt to reassure SVB’s clients and investors that their interests will be safeguarded in the event of a collapse.