Leaked email: VC giant Andreessen Horowitz says it's sticking with SVB for now — but is setting up accounts at another bank too
by the start of 2022, and another new $4.5 billion fund dedicated to crypto in the spring of 2022. VC firms don't collect all of that money up front. Instead they ask their limited partner investors to wire in their commitments over time as cash is needed.
While the firm said that it feels safe enough using the troubled bank for now, it is also in the process of opening"additional accounts at another financial institution." A16z did not immediately respond to a request for comment.Thanks to those who reached out over the past few days in the wake of the SVB challenges; we appreciate your patience as we focused our efforts on ensuring that our portfolio companies were in good shape.
As we noted in the email we sent over the weekend, we are working to stand-up additional accounts at another financial institution; this will be part of a general diversification plan we adopt, regardless of the final disposition of SVB. In the meantime, we have been working closely with the new leadership at SVB and are pleased to report that the bank is now fully operational.
Thus, we are going to continue our current operations at SVB - including re-issuing capital calls to LPs - for the foreseeable future until we are fully operational at another financial institution. We of course will closely monitor the ongoing situation at SVB and make a determination once our new accounts/call lines are fully established what diversification is appropriate.
In the meantime, we are confident that the best solution for a16z, its LPs and its portfolio companies is to continue our current operations at SVB. If you have any questions, please feel free to reach out to Scott Kupor or Jen Kha directly.Sign up for notifications from Insider! Stay up to date with what you want to know.
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