As dust begins to settle on the biggest American bank failure since 2008, members of the VC community lament the role other investors played in SVB's demise.
to shore up its balance sheet. What followed was the rapid collapse of a highly-respected bank that had grown alongside its technology clients.this week, members of the VC community are lamenting the role that other investors played in SVB's demise.
"This was a hysteria-induced bank run caused by VCs," Ryan Falvey, a fintech investor of Restive Ventures, told CNBC. "This is going to go down as one of the ultimate cases of an industry cutting its nose off to spite its face." Falvey, a former SVB employee who launched his own fund in 2018, pointed to the highly interconnected nature of the tech investing community as a key reason for the bank's sudden demise. Prominent funds including Union Square Ventures and Coatue Managementto their entire rosters of startups in recent days, instructing them to pull funds out of SVB on concerns of a bank run. Social media only heightened the panic, he noted.
"When you say, `Hey, get your deposits out, this thing is gonna fail," that's like yelling fire in a crowded theater," Falvey said. "It's a self-fulfilling prophecy." A customer stands outside of a shuttered Silicon Valley Bank headquarters on March 10, 2023 in Santa Clara, California.
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