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Silicon Valley Bank, also known as SVB, was an investment bank in California that focused on technology, life science, cleantech, venture capital, private equity, and premium wine businesses. Founded in 1983, it invested in early-stage ventures, late-stage ventures, private equity, seed, series A, series B, debt financing, and post-IPO debt rounds.
Its portfolio companies included Symend, GoExpedi, Glofox, FreeWire Technologies, FORM, AcuityAds, Weee!, Proxy, Pager, and Fastforward.ai. The bank had made more than 600 investments and had more than 200 exits.
In March 2023, federal regulators shut down SVB after is collapsed when it was announced in the same month that it had lost $1.8 billion. The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with First Citizens Bank acquiring all the deposits and loans of Silicon Valley Bank.
SVB offered online and banking services, payments, deposits, and fraud prevention services. In addition, the company offered investments and asset management services, credit solutions, commercial card programs, and strategic advisory services, such as deal sourcing, benchmarking, strategic valuations, and transaction support.
In March 2023, SVB collapsed and was the second largest bank collapse in United States history. The bank announced that it had lost $1.8 billion and had a credit downgrade in the first quarter of 2023. Following the announcement, SVB customers started to withdraw their deposits, with a reported $42 billion being withdrawn in one day. SVB was unable to provide enough liquidity, leading the bank to declare insolvency on March 10, 2023.
The FDIC took control of SVB's deposits by creating a temporary bridge bank to secure the deposits so that they could later be withdrawn by SVB's customers. On March 17, SVB's parent company, Silicon Valley Financial Group, filed for bankruptcy. Days later, on March 23, SVB was bought by First Citizens Bank. SVB's branches and offices still operate under their original name but as a division of First Citizens Bank.
SVB Capital is a California-based venture capital firm that invests in companies during various rounds of funding, including Series A through Series F. It has made 27 investments in the information technology industry in sectors such as online marketplaces, software, online platforms, artificial intelligence, e-commerce, and more. It has also had six exits and from 2012 to 2018, it has raised six funds ranging from $225 million to $392 million. As of 2020, SVB Capital has $4.5 billion under under management in its portfolio.
