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Today, there’s only one story on everyone’s lips: the sudden and dramatic collapse of Silicon Valley Bank (SVB), a 40-year-old Silicon Valley institution. With $209 billion in assets under management, it was the second largest bank failure in US history.
As the bank went through a Swift-Velocity Breakdown, a huge number of startups suddenly found themselves in a bind. In this special edition of Daily Crunch, we summarize what the sudden value bass means in the industry.
TechCrunch’s top story
- Controllers are coming in.: Natasha M The bank and 17 of its branches were closed, according to the California Department of Financial Protection and Innovation. The agency appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
- So what happened?: (TC+): Alex He can be trusted to provide context, and concludes that rumors of SVB getting into trouble seem to have caused a run on the bank. common sense Soon the problem.
- What the founders thinkMany of my colleagues took to the (virtual) streets and got the lowdown on how founders were responding to the bank’s failure.
The demise of Silicon Valley Bank
Before the bank was shut down by regulators, several things happened quickly:
- Special price for you: Manish And Ingrid The Silicon Valley bank is reportedly in talks to sell itself.
- Get out while you can: Natasha M And Alex It reports that VC firms have started advising their portfolio companies to withdraw funds from SVB (TC+).
- Bump on the road: Natasha M He wrote that some SVB customers were struggling to withdraw funds from the bank.
- Free fall: Natasha M And Alex SVB’s shares are tanking following their report, as overall confusion is looming.
- Fill the gapNever one to waste a good crisis, startups are jumping into the breach to fill the vacuum SVB leaves for the ecosystem; Natasha M And Mary Ann He reported.
- Maybe aim betterSomeone at a Silicon Valley bank might pause and think, “Hmm, maybe today isn’t the right time to announce that we’re growing our balance sheet.” Connie He wrote, and SVB shot itself in the foot and concluded with the dramatic announcement of the closure of crypto bank Silvergate. Jacqueline Analyzed Silvergate’s downward spiral for TC+.
- So, what now?As SVB funds are locked up (at least until Monday, regulators say), how will they meet salary payments, etc. Alex Takes a closer look at what beginners (TC+) are up to.
Building a lean B2B startup growth stack
Choosing the right tool for the job is easy when you know exactly how to proceed.
Most B2B growth marketers don’t have a blueprint to work with, but Primer CEO Keith Putnam-Delaney shared a guest post with TC+ about which tools are best for early-stage, mid-stage, and late-stage startups.
“The current tight budget environment should be viewed as a positive by marketers,” he wrote. “It forces teams to think deeply about what matters most, which tools will increase (or detract from) efficiency.”
TechCrunch+ Our membership program helps founders and startup teams stay ahead of the pack. You can register here.. Use code “DC” for 15% off annual subscription!
And some other news
Okay, well, there They were. Other things are happening today besides going straight to hell without getting past “Go.” Here are a few things to read on the rest of the site…
A lot of news in cyber security today, such as Carly SEC charges Blackbad for failing to disclose ‘full impact’ of ransomware attack Zach Telehealth startup Cerebral has shared millions of patient data with advertisers, he wrote. And Zack also reported that PeopleGrove Security exposed users’ personal information. Meanwhile, Lorenzo Dove to explore that the FBI has confirmed that the remote admin tool is actually malware.
And here are some non-SVB, non-cybercrime headlines for you too. Aren’t we generous today?