Calgary tech scene sees opportunity in the wake of Silicon Valley Bank's collapse yyc
Ten per cent of Canadian venture capital-backed companies had deposits with SVBKemp pointed to a series of bad bond investments made by the bank, which was then was crushed by rising interest rates, leading to the failure.Last week, Silvergate Capital, a cryptocurrency-focused bank, collapsed. At the same time, SVB alerted investors it needed to raise $2 billion in capital and sold a bond portfolio at a $1.8-billion loss to cover it.
Terry Rock, president and CEO of Platform Calgary, noted 60 per cent of direct funding for Canadian tech companies comes from the U.S.Article content The Calgary tech sector has spent the past five years riding record venture capital investment, outpacing other major jurisdictions in its growth. Rock said this crisis could potentially have a chilling effect in the short term, due to fewer options to fund expansion through the use of debt instruments.
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