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Home First Round News

The SVB Saga in Memes

admin by admin
March 17, 2023
in First Round News


“The biggest collapse since the financial crisis” is no laughing matter. Silicon Valley Bank was the bank of many founders and funds (30% according to some estimates), including our own at Remagine Ventures. The decisive action taken today by the Department of Treasury, The Federal Reserve and the FDIC (the Federal Deposit Insurance Corporation) to make depositors whole and get access to their account balance on Monday morning, averted a much bigger financial crisis and knock on effects. In the UK, SVB UK was acquired by HSBC for a symbolic sum of £1, also guaranteeing depositors have access to their accounts with no cost to the taxpayer in both cases.

Needless to say, it was a very stressful weekend. Even in our relatively small portfolio at Remagine, we had companies uncertain if they can make make payroll – as amounts are automatically deducted today to pay employees on the 15th of the month. We were prepared to do what it takes to keep them going. Big thanks to everyone that worked tirelessly over the weekend to bring this crisis to a swift resolution in the UK and US. For the first time in 72 hours the tech sector can breathe with a sigh of relief.

While the situation in still unfolding with additional regional banks in the US, we’re not fully out of the woods yet. But for our own mental health, here are a few of the memes/tweets/funny stories that capture this (hopefully) once in a lifetime crisis.

Get the bank run t-shirt

If you’ve ever ran the ‘Corporate Challenge’ in New York you’re familiar with the annual jerseys. This is a special edition for ‘Bank Run’

Thought 2020 was hard? life of a founder in 2023

4 Days before it collapsed

How we got here

Credit to the brilliant Morning Brew team

Now we can go back to normal…

Finally, we can go back to the “normal” 99% of threats that kill startups

— Eze Vidra (@ediggs) March 13, 2023

Looking forward to everyone going back to being an AI expert here.

— M.G. Siegler (@mgsiegler) March 12, 2023

The calm after the storm

The Simpsons predicted Silicon Valley Bank’s collapse in 1994!

Unfortunate coincidence?

Jason ALL CAPS Calacanis

For those who listen to the excellent ALL IN podcast…

VCs congratulating themselves

big week ahead for venture capitalists finding ways to take credit for things they had nothing to do with

— VCs Congratulating Themselves ??? (@VCBrags) March 12, 2023

Different way of explaining the situation


Now that we vented a bit, I’ll take the opportunity to thank everyone who helped bring this to a quick and positive outcome.

Eze Vidra
Eze is managing partner of Remagine Ventures, a seed fund investing in ambitious founders at the intersection of tech, entertainment, gaming and commerce with a spotlight on Israel.

I’m a former general partner at google ventures, head of Google for Entrepreneurs in Europe and founding head of Campus London, Google’s first physical hub for startups.

I’m also the founder of Techbikers, a non-profit bringing together the startup ecosystem on cycling challenges in support of Room to Read. Since inception in 2012 we’ve built 11 schools and 50 libraries in the developing world.

Eze Vidra
Latest posts by Eze Vidra (see all)

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