![]() “Unfortunately, we had most of our company’s cash assets at a bank which just collapsed. “Camp needs your help,” the email starts. The whimsical discount code resulting from the situation was quickly shared around Twitter. Use discount code ‘BANKRUN’īen Kaufman, former CMO at BuzzFeed and the founder of experiential toy store Camp, e-mailed customers this week asking them to purchase more from the company’s site, according to a screenshot sent to TechCrunch. Top concerns include making payroll and staying afloat as a business. With Silicon Valley Bank now being shut down, startup founders who have been unable to access their accounts are getting increasingly nervous about the status of their capital. And while others have managed to get some funds out, the ripple effect of SVB’s downfall is reverberating throughout the tech sector. He knows of at least two founders who chose to keep their funds in SVB. Still, Seltz-Axmacher considers himself one of the lucky ones. His attempt to move the last of the remaining funds early Friday morning - above the $250,000 that FDIC banks insure - is still pending. ![]() After a couple of hours of waiting, it went through. By midday Thursday, he had received messages that three of the biggest VC funds had told their companies to pull money out of SVB.Īnd so he did what dozens of other founders did: He initiated a money transfer, this time another 25% of the remaining funds. ![]() Seltz-Axmacher was inundated the following day with calls, emails and text messages about SVB. And that's fine because there's no upside to not being an early person to worry that I won't get 3.5% on some of our money for two weeks, if I'm wrong.” “I was thinking you know, this is probably going to be something where everyone makes fun of me for being an early panicky person. “I saw that it was like I don't know if I'm freaking out or not, but it's not worth the risk,” he said. On Wednesday evening, Seltz-Axmacher, unprompted by VCs or advisers, transferred about 50% of his startup’s funds out of SVB and into another existing account at Mercury Bank.
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