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Young companies raced to get their money out of the bank, which was central to the start-up industry. Some said they could not make payroll. Friday at the headquarters of Silicon Valley Bank, which has been a financial partner to start-ups and venture capital firms.Credit…Jeff Chiu/Associated Press Erin Griffith Erin Griffith reports on start-ups…
At least 10 European VC funds have told their founders to pull funds out of Silicon Valley Bank. That follows prominent US investors telling their firms to get their money out through Thursday. The tech lender was plunged into crisis after a $21 billion firesale of its bond portfolio. Silicon Valley Bank’s woes spread overseas…
THREE years ago, Walgreens (b. 1901) arrived in Silicon Valley for the same reason many old economy companies do: to hurry and join the digital vanguard before it was left behind. Walgreens quickly made a deal with Theranos (b. 2004), the medical diagnostics company and media darling that promised a revolutionary approach to blood tests….
I’ve got a great idea for a start-up. Want to hear the pitch? It’s called the 75 Cent Dollar Store. We’re going to sell dollar bills for 75 cents — no service charges, no hidden fees, just crisp $1 bills for the price of three quarters. It’ll be huge. You’re probably thinking: Wait, won’t your…
A real-estate startup called Compass Inc. has hired hundreds of sales agents away from older rivals, collected $225 million from marquee investors and amassed a valuation of over $1 billion, all with the pitch that its software can make brokers more efficient. Real-estate veterans say they’re baffled by how the four-year-old firm, active in only…
Russia is threatening the “liberal international order”: Biden went after Putin directly, and said he’s using “every tool” in his power to whittle away at Europe and undermine Western democracies. Biden also warned that he expects Russia to meddle in the many European elections being held later this year. “The top 1% is not carrying…
TODO: defaulting to 2099 until we get the expiry date from toolbelt Noam Galai | Getty Images Alex Chung, CEO of Giphy GIFs — short, animated clips cut from iconic videos — have caught the eye of investors in Silicon Valley, The Wall Street Journal reported on Monday. Giphy, a start-up that created a searchable…
Few banks are as close to the industries they serve as Silicon Valley Bank is to the technology world. An industry mainstay since the 1980s, the bank veers far from the course of conventional financial institutions. Part lender, part consultant, part cheerleader and part investor, Silicon Valley Bank has been a nursemaid to countless start-ups…