Silicon Valley Bank has received support from over 100 VCs and investors, including Sequoia Capital

ChainCatcher news, according to Bloomberg, more than 100 venture capital and investment firms have signed a statement supporting Silicon Valley Bank, as part of an increasing number of industry calls aimed at mitigating the impact of the bank's collapse and avoiding a potential "extinction-level event" for tech companies.

According to a knowledgeable source, as of Saturday afternoon Pacific Time, about 125 venture capital firms, including Sequoia Capital, have signed the statement, which was led by the venture capital firm General Catalyst. The statement was first released last Friday by a small group of signatories. It stated that the events of the past two days are "deeply disappointing and concerning," and indicated that if the institution is acquired by another entity, investors will continue to maintain their relationship with the institution.

Also on Saturday, the startup incubator Y Combinator released a petition signed by hundreds of founders and CEOs, addressed to U.S. Treasury Secretary Janet Yellen and other regulators, requesting "relief and attention to the direct significant impact on small businesses, startups, and their employees as bank depositors." The petition calls for a restructuring of funds deposited by small businesses in Silicon Valley Bank and urges Congress to "restore stricter oversight and capital requirements for regional banks." (Source link)