Updated: Worries over Silicon Valley Bank ripple through tech and biotech startups, VCs
Worries about the future of SVB Financial Group, the parent company of Silicon Valley Bank, rippled through the startup sector on Friday.
The bank is a major financial services provider to healthcare and technology startups, and holds billions of dollars worth of deposits for the industry, including for many early-stage, private companies. There were reports Thursday and Friday that venture capitalists and startups were pulling money from the bank after it said it was raising funds to cover a loss, sparking fears of a broader run on the bank.
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