SANTA CLARA, CA, US – MARCH 13: People wait outside the Silicon Valley Bank headquarters in Santa Clara, CA, to withdraw funds after the federal government intervened upon the bank’s collapse, on March 13, 2023. (Photo by Nikolas Liepins/Anadolu Agency via Getty Images)
Nikolas Liepins | Anadolu Agency | Getty Images
The collapse of U.S.-based Silicon Valley Bank is unlikely to hit fundraising for tech startups in Southeast Asia, venture capitalists and an analyst told CNBC.
The bank served many venture capital firms and venture capital-backed startups. But last week, depositors rushed to withdraw their funds as panic over the bank’s financial situation spread, causing it to collapse.
“I think [the impact on fundraising is] a watch out, but I don’t think that contagion spreads,” said David Gowdey, managing partner at Southeast Asian venture capital firm Jungle Ventures, on CNBC’s “Squawk Box Asia” on Tuesday.
“I think Secretary Yellen and the government did a fantastic job of stepping in and taking away …