For many startups and venture firms, Silicon Valley Bank (SVB) was more than just a financial institution. It provided support to help emerging managers build their firms from the ground up and connect with the venture ecosystem. The collapse of the bank has left many wondering what will happen to these services.
Unlike many of its banking competitors, SVB had options for smaller funds that other banks did not. Nisha Desai, the CEO and managing general partner of Andav Capital, noted that SVB did not have the account minimums or net worth requirements that many other banks had. These limits often restricted first-time funds, but SVB was able to provide capital lines to these smaller funds, allowing them to start building their track records while they were still fundraising.
Many emerging managers said that while the back-end banking operations got them involved with SVB, it was the bank’s commitment to emerging managers that made them want to continue the relationship. They appreciated the fact that SVB was designed to work with the venture community, and provided resources to help small funds get off the ground.
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