SVB Collapse

Israeli VC OurCrowd Sees Limited SVB Risk in Portfolio So Far

VC firm provides crowd-funding platform for investors
OurCrowd transferred ‘almost all of our funds’ out of SVB

Former US Treasury Secretary Larry Summers warns of very substantial consequences if regulators don’t work through the issues that contributed to the Silicon Valley Bank collapse. He also explains why the vaunted stress tests didn’t predict the implosion.Source: Bloomberg

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By Anne VanderMey

March 12, 2023 at 3:25 PM EDT

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OurCrowd, a SoftBank Group Corp-backed Israeli venture capital firm that provides a crowd-funding platform for investors, said it transferred “almost all” of its money out of Silicon Valley Bank before the lender failed — and more than 85% of the portfolio companies it has been in contact with have “minimal to no exposure.”

The Jerusalem-based firm, founded by tech investor Jon Medved, has been canvassing its portfolio companies and external fund partners to assess their exposure to the bank, the company’s chief executive officer, Medved, said in an email to clients on Sunday. A spokesperson for the company didn’t immediately respond to an emailed request for comment sent after business hours.

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