There is worry that the tech sector, which entered a sharp downturn in late 2021, will continue scaring off investors and available capital for startups will tighten further
Canada’s technology sector was already poised to emerge largely unscathed from the failure of Silicon Valley Bank before U.S. regulators promised Sunday to ensure all of its depositors would be made whole.
Maria Pacella, managing partner with Vancouver-based Pender Ventures, said in an interview that there are also longer-term concerns about what the tech landscape will look like with fewer funders. But a consensus quickly emerged that there would be limited immediate fallout in Canada, even in a worst-case scenario – if there had been no rescue plan announced Sunday, for example. The Canadian Venture Capital and Private Equity Association determined that only 10 per cent of venture-capital-backed Canadian companies had deposits with SVB, while the Council of Canadian Innovators concluded that 9.
The CVCA’s main suggestion was that the federal government instruct BDC to provide bridge financing to companies. That advice “became almost moot” with the U.S. announcement Sunday, said Kim Furlong, the association’s chief executive.
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