It’s unclear how the aftershocks of the bank’s collapse will add to the startup industry’s growing challenges accessing capital. “Hard to predict the collateral effects.” “You can feel the collective *sigh*,” Ryan Hoover, a tech founder and investor wrote on Twitter Sunday. Parker Conrad, the CEO of HR platform Rippling, who had previously said some customers’ payrolls were being delayed by the bank failure, tweeted Sunday: “Anyone else breathing a sigh of relief and looking forward to a good night’s sleep tonight?”Īnd Garry Tan, the CEO of tech startup accelerator Y Combinator who authored the petition to Yellen, praised the federal government for “decisive action.” Tan, the investor who had previously warned of “an *extinction level event* for startups” that would “set startups and innovation back by 10 years or more,” added his appreciation on Sunday for “everyone who helped us through a very very intense time.”īut even as the tech industry enjoys a respite from a fearful weekend, unknowns remain. “It was a very stressful weekend and I’m quite relieved with the news.” “Obviously, I’m quite relieved,” said Stefan Kalb, co-founder and CEO of Seattle-based startup Shelf Engine, who told CNN that his company would have had to shut down by the end of the week without the government intervention. The sense of relief was palpable throughout the tech sector. Then, late Sunday, federal officials stepped in to guarantee that all customers of the failed Silicon Valley Bank would have access to their full deposits on Monday.

The latest on the Silicon Valley Bank collapse A sign for Silicon Valley Bank (SVB) headquarters is seen in Santa Clara, California, U.S.

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