After the chaos of Silicon Valley Bank (SVB) shutting down last Friday and the relief that came after the Federal Deposit Insurance Corporation (FDIC) announced depositors would be able to access all their money, the startup community is still feeling the repercussions.
What did the tech-focused commercial bank’s meltdown look like from an investor’s perspective? Technical.ly asked Bob Ciaruffoli, chair of Philly’s Broad Street Angels, an angel investing group affiliated with the Union League that invests in early-stage startups in the mid-Atlantic.
On Thursday, Broad Street Angels reached out to its portfolio companies and surveyed them about their “banking relationships,” he said. As an investor, there really wasn’t much to do by Friday morning.
READ FULL ARTICLE HERE