There are no hard figures on Portuguese startups linked to the US bank Silicon Valley Bank (SVB), but there are reports of “limited” exposure. This is at least the portrait drawn to the Observer by various venture capital companies operating in Portugal. Even so, Portugal Ventures, a public capital company, takes a “relevant exposure” from some startups in its portfolio.
Beyond the direct exposure of companies to SVB, the implications could go further. Bynd VC, a venture capital company that invests in startups in the Iberian market, acknowledges that the bankruptcy of a financial institution so closely associated with the technology sector “always has very serious implications and consequences for the entire industry”, but that regulators must enter the scene to guarantee access to all deposits helps mitigate the domino effect.
SVB was one of the main startup partners. The bank described itself as a “one-stop shop” for entrepreneurs linked to technology and innovation, with offerings ranging from deposits to personal loans and mortgages, Bloomberg notes. Created in 1983, the financial institution accompanied the expansion of companies that became some of the largest technology companies in the world.
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