Report: Nearly Half of ‘Climate Change’ Companies in U.S. Banked with Failed SVB
Half of the companies in the U.S. devoted to climate change and biotech banked with the now-failed Silicon Valley Bank (SVB), leaving many of those companies looking for financial backers willing to take on the risk.
As San Francisco Bay Area public radio station KQED reports, many of those companies received funding from SVB because other banks were less willing to fund investments that had lower chances of providing a return:
Nearly half of the country’s bio- and climate-technology companies, many of them headquartered in the Bay Area, banked with Silicon Valley Bank. Last year, SVB committed to…
