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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