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in Tech

‘Utterly irresponsible’: SVB failure was caused by a banking — not tech — crisis, top VC says

by Editor April 23, 2023, 2:25 am 1.3k Views

LONDON — The collapse of Silicon Valley Bank was the result of a crisis in banking rather than technology, according to a top venture capitalist.

Anne Glover, CEO and co-founder of Amadeus Capital, said Friday that the SVB crisis was caused by “utterly irresponsible” practices by Silicon Valley Bank and its management — namely, taking short-term deposits from VCs and investing them in long-maturity debt.