Silicon Valley Bank
First Citizens Innovation Banking, the former Silicon Valley Bank, runs startup banking from pre-seed to IPO with a Seattle office at 920 Fifth Avenue.
Founder Stack
Listed in Finance
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Facts
- HQ
- Washington
- Sectors
- Banking, Commercial banking, Venture banking, Financial services
- Stage
- Public
The Collapse of Silicon Valley Bank
What was previously a point of pride on Silicon Valley Bank's website now reads like a warning sign: nearly half of U.S. venture-backed technology and life sciences companies bank with the financial institution. Financial regulators on Friday morning shut down Silicon Valley Bank and put it in the hands of the FDIC, a jaw-dropping move that has created a crisis for startup founders and their financial backers. Based in Santa Clara, Calif., Silicon Valley Bank has long been a key player in the Seattle region. GeekWire's reporting suggests that the percentage of tech startups in the Seattle area that used…
Startups Shift to Venture Debt Amid Slowing Venture Capital, Raising $29B+ in 2022
As venture capital funding slows, startups increasingly consider venture debt and loans to extend cash runways without diluting ownership, despite the risks of repayment and financial scrutiny. In 2022, tech companies raised over $29 billion in venture debt across more than 2,100 deals, highlighting a significant shift toward alternative financing.
Icertis Secures $150M from Silicon Valley Bank in Revolving Credit and Convertible Note Financing
Icertis secured $150 million in financing from Silicon Valley Bank — equally split between a revolving credit facility and convertible financing — as startups increasingly turn to debt instruments amid a cooling venture market. CFO Rajat Bahri called the funding a vote of confidence to support growth and market-share capture.
Entrepreneur Joins Silicon Valley Bank Tech Team to Boost Venture Debt Access for Canadian Startups
The author announced joining Silicon Valley Bank's tech banking team to support high-growth startups in raising venture debt and financing, aiming to improve capital access for Canadian tech companies. They will also continue supporting the AI community through AInBC amidst BC's booming tech scene.
Remitly Global files for IPO to raise up to $294 million by selling 7 million shares at $42, ticker RELY
Seattle-based Remitly Global filed to go public aiming to raise up to $294 million by selling 7 million shares at up to $42 each, with its board and management planning to sell an additional 5,162,777 shares; the fintech serves predominantly immigrant customers sending money from several developed countries to over 115 destinations.
Lighter Capital raises more than $100M (mostly debt) to expand revenue-based financing for startups
Lighter Capital has raised over $100 million (mostly debt) to expand its revenue-based financing program that lets startups get $50,000–$3 million without giving up equity. The Seattle firm, which has invested $200M in 400+ companies, is now profitable with 36 employees after prior layoffs and recently named Melissa Widner CEO.
Umoja Biopharma raises $210M Series B to advance in‑vivo T‑cell immunotherapies after $53M Series A seven months earlier
Umoja Biopharma, a Seattle-based immunotherapy startup, raised $210 million in a Series B just seven months after a $53 million Series A to advance in‑vivo T‑cell cancer therapies and tumor‑tagging technology into clinical trials for solid and hematological tumors.
SVB Financial Group's SVB Capital to acquire WestRiver Group's debt fund business; Erik Anderson to join as executive chairman
SVB Financial Group's SVB Capital has agreed to acquire WestRiver Group's debt fund business, bringing WestRiver founder Erik Anderson to SVB as executive chairman of the SVB Capital Credit Platform; the deal, terms undisclosed, is expected to close by year-end and aims to expand SVB's institutional investment and lending solutions.
WestRiver Group Sells Debt Investment Business to SVB Financial Group; Erik Anderson Named Executive Chairman of New SVB Capital Credit Platform
Seattle-based WestRiver Group agreed to sell its debt investment business to SVB Financial Group to form the SVB Capital Credit Platform, with WestRiver CEO Erik Anderson joining SVB as executive chairman; terms were not disclosed. WestRiver manages about $2 billion AUM and holds investments including Singularity University and several Seattle startups.
Porch names five new board directors ahead of $523M SPAC merger, will trade as PRCH with Ehrlichman as CEO
Seattle-based Porch named five new directors who will join its board when the company goes public later this year via a SPAC merger valuing Porch at $523 million; the combined company will trade as PRCH with Matt Ehrlichman remaining CEO and chairman.
Porch to Merge with PropTech Acquisition Corp. in SPAC Deal Valuing Company at $523M; to Trade as PRCH
Porch, a Seattle-based real estate tech and home-improvement marketplace, will go public via a SPAC merger with PropTech Acquisition Corp. at a $523 million valuation, receiving a $150 million investment and an expected $205 million cash balance while projecting revenue growth and narrowing losses.
Remitly reports 100% customer growth and 40% transaction-volume increase from Feb–Mar as COVID-19 drives digital remittances
Seattle remittance startup Remitly experienced rapid growth during the COVID-19 pandemic, with customer numbers up 100% and transaction volume up 40% from February to March, as users shifted to digital transfers while physical providers closed. CEO Matt Oppenheimer said the crisis accelerated the company’s mission to provide safe, mobile cross-border payments for immigrants supporting families abroad.
Silicon Valley's Seattle secret
Silicon Valley investors are pouring more and more money into Seattle startups. So what's the secret behind this new influx of interest in Seattle's tech scene? We sit down with two experts from Silicon Valley Bank to talk through the numbers and trends around the startup world on this episode of the Week in Geek. See omnystudio.com/listener for privacy information.
Seattle 2.0 Names Finalists From Nearly 7,000 Nominations; Public Voting Open Through May 11 — Winners Revealed May 19
Seattle 2.0 announced finalists for its annual Seattle tech startup awards after nearly 7,000 nominations across 11 categories, opening public voting through May 11 and scheduling the awards event for May 19 with keynote Jonathan Sposato.
People
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Ben Parish Executive, VP of Startup Banking - PNW
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Brendan Kennedy Executive, Former COO
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Joaquín Gallardo Executive, Senior Vice President, Tech Banking
