Emerging venture fund managers had few banking options to begin with. After Silicon Valley Bank's collapse, where do they turn now?
Silicon Valley Bank had a direct line to many of emerging managers through AngelList, a company that works as a matchmaker for startups and investors. Through the fundraising boom of the past decade, AngelList hadfor fund managers, allowing them to raise money and deploy it all from a single website.
People queue up outside the headquarters of Silicon Valley Bank to withdraw their funds on March 13, 2023 in Santa Clara, California.Getting set up at a traditional bank as an emerging fund manager isn't as easy as walking into a local branch and waving a wad of bills. They require a type of business account that gives them more flexibility.
Hustle Fund's Yin worked her network to get a meeting at JPMorgan, where she planned to open a business account. The bank told her if she opened a personal wealth account with more than $20 million, it could give her a business account. But she's not in a position to even consider it."People will say they want to spin up an account with a big bank," Yin told Insider."That sounds good in theory but in practice it wasn't even possible to do it quickly.
And Johnson of Debut Capital detailed similar experiences with trying to open a bank account at one of the big banks. She's now in the process of trying to work with Bank of America, which invested in her fund. But that's happening because of her prior relationship with them, she said. , has used AngelList to administer funds and has held the fees for managing investor money at Silicon Valley Bank.
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