As a planned $2.25bn capital raise at California-based Silicon Valley Bank started to unravel on Thursday, nervous venture capitalists and start-up founders began to bombard executives at the lender’s British arm with questions about the safety of their funds.
They received soothing answers.
“The entirety of your founders’ deposits are safe with SVB,” Michael Kruse, Silicon Valley Bank UK’s chief financial officer, reassured a British VC late on Thursday afternoon, in an email seen by the Financial Times.
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