abc.net.au/news/svb-collapse-contagion-effect-tech-startups-funding-economy/102115606It was 5.30am on Friday, March 10, in Sydney when start-up founder Lauren Humphrey first got word that Silicon Valley Bank was in dire trouble.
"I was just aimlessly scrolling my email inbox and social media when I started to see some news and fluttering about SVB," she says. The business runs out of Sydney, and Denver, Colorado, where Miller is based, and the co-founders recently raised $6.8 million in funding rounds, mostly led by Blackbird Ventures, which is their main investor and banked with SVB.
Humphrey says the "mayhem … uncertainty and confusion" about what was happening raised her anxiety before she realised this was far bigger than one start-up: "I kind of started to relax when I realised the enormity of the problem," she says. It was Thursday evening their time. Their anxiety was rising with every doomsday tweet and WhatsApp message signalling the imminent collapse of a bank that they had come to love and thought was infallible.They moved to San Francisco last year, but now work out of LA, after founding Checkmate – an app that gives shoppers a dashboard of all online deals on offer, and lets users keep gift cards in one place and track deliveries.
They must all work at abc
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