Inside a Canadian venture capital firm during the SVB storm jakeedmiston
That day, one of Anderson’s most significant shareholders was trying to have a brief retreat in the Napa Valley. The executive team at, a $60-million fund run by the venture capital arm of the Regina-based Conexus Credit Union, had scheduled a wine-tasting tour ahead of a major conference about agricultural technology in San Francisco.
. They poured him a glass of 2019 chardonnay. His phone rang. It was one of his “high-net worth” investors. O’Connor left the wine untouched and walked into the parking lot.Article content “We were in the early stages of watching the second-largest banking failure in the history of the U.S. unfold,” O’Connor said. “And it happens to be a bank that sits firmly in our direct industry.”
Next, O’Connor warned companies that didn’t have deposits or loans with SVB to still be on alert. The email included a seven-step plan to prepare for what was coming. Get in touch with your big vendors immediately, he said, to make sure they aren’t going to run into service issues because of the crisis.Article content
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