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It’s been a busy weekend. 

We have the latest on what's happened since SVB US and UK collapsed in the blink of an eye late last week.

The extent of the fallout isn’t yet clear — no one even knows exactly how many startup customers SVB UK had — and it will take time before businesses get significant cash back. 

One thing is clear though: this situation was far from inevitable. Yes, SVB did not appropriately manage its own risk. And its communications strategy was awful and certainly added to the panic. 

But VCs played a huge role in its downfall. VCs who — trying to be “helpful” — told portfolio companies to take money out and diversify where they put their cash. We’ve got the screenshots to show it. 

Many of these same VCs have been quick to show their support for SVB post-collapse. Nearly 100 firms have signed a letter saying they’d encourage portfolio companies to bank with SVB UK again if the bank were bought. Many founders have been quick to point out the hypocrisy. 

The saga has exposed not only the immaturity of many startup’s financial setups (don’t most individuals have multiple bank accounts?) but also the immaturity of the VC industry.

Join us to discuss the latest tomorrow, when we'll be hosting an online panel to throw some light on the situation. Register your interest here.

— Eleanor Warnock and Amy Lewin, Sifted's editors

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💼 The Bank of London has submitted a formal bid to buy SVB UK. On Sunday night, the UK media had reported that other potential suitors include OakNorth, Barclays and HSBC.

🦅 Debt providers are swooping in to offer startups which banked with SVB emergency loans. But some say raising from existing investors — even if it means giving away some equity — is a smarter way to secure emergency cash.

🙅‍♂️ One anonymous founder argues that the UK government should not support SVB UK in any way. This take has got a whole lot of hate on Twitter.

📚 A list of resources for founders affected by SVB's crash. Including legal and financial advice.

Is now the time to break into VC? Atlantic Labs, PointNine and Speedinvest are among the investors which have been hiring early-career talent recently, but why now?

👶 Does your VC firm have a dedicated parental leave policy? If it does, it's among the few in Europe who do — here's what the data says, and it ain't great.

🤔 What does a startup CMO actually do? Marketing isn't the only string to a chief marketing officer's bow. Here's everything the role involves.

🏭 There are 33 startups building gigafactories in Europe. Here's who they are, what they're building and how much they've raised.

🎙️ The Sifted Podcast — in conversation with Klarna CEO Sebastian Siemiatkowski at Sifted Sessions \ Stockholm.

March 14 | SVB has gone under: What happens next?

In this Sifted Talks, our editor Amy Lewin will speak to experts who can explain what on earth went wrong at Silicon Valley Bank, what happens next — and what the ecosystem can learn from the saga.

Register your interest — more details coming soon.

March 15 | Destination net zero: Forecasting the future of climate tech

Despite layoffs across startupland, climate tech is still growing steady, with a record $15bn in funding last year. Join our Sifted Talks on March 15 to learn how your startup can scale with the best and what government support you should seek.

Get your free ticket.

March 29 | From ambition to climate action: saving the world one step at a time

When? How? What even is greenwashing? These questions might come to mind when building a climate-conscious business. But, worry no more — join our online Sifted Talks on March 29, where Brompton Bicycle, Revent, SOJO and South Pole will explore sustainable strategies and reveal the many ways to take meaningful climate action together.

Learn the tips and tricks.

💰 Series B+

• Envisics, a UK startup developing holographic displays for car windscreens, has raised a $50m Series C.
• Cado Security, a UK cybersecurity startup, has raised a $20m Series B led by Eurazeo.

💰 Pre-seed / seed

• Tidely, a German finance management platform, has raised €3.5m in seed funding.
• Aisot, a Swiss asset management platform, has raised €1.8m in seed funding.
• ELLIO Technology, a Czech cybersecurity startup, has raised €1m in pre-seed funding.

💰 Undisclosed 

• Sunhero, which provides solar installation and management services to residential consumers, has raised €10m.

• MentorShow, a Paris-based edtech platform, has raised €15m.

Fancy reaching an audience of European startup and tech enthusiasts? Reach out to Sifted to sponsor this newsletter.

Kai Nicol-Schwarz

Reporter

Get in touch with him at

kai@sifted.eu

He tweets from 

@NicolSchwarzK

Amy Lewin

Editor

Get in touch with her at

amy@sifted.eu

She tweets from

@amyrlewin

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