Exclusive: Union Square Ventures warned startup founders in November to diversify their deposit holdings after alarm over Silicon Valley Bank
not seen since the Global Financial Crisis, according to two sources with direct knowledge of the matter who were not authorized to speak publicly.
"If you read the SVB financial statements, which most people don't do, you could see an impending liquidity crisis," said one source."A liquidity crisis was quite significant and real." USV's early message to founders illustrates how the warning signs were there that were missed by regulators, auditors, rating agencies, and most other venture firms.of Robinhood, Coinbase, and Etsy — has been way ahead of other firms not only in savvy early bets on startups, but its prescient advice to portfolio companies.
Insider reported earlier this year that USV has delivered close to a 60% annual return, excluding fees, to one of its major backers, UTIMCO, which manages the $65 billion endowments of the University of Texas and Texas A&M systems — putting it in a league of its own among venture firms.
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