As many of you have heard by now, Silicon Valley Bank - a systemically important bank in the global technology ecosystem has failed and is currently under the administration of the US Federal Deposit Insurance Corporation.
At Future Africa we enjoyed a great collaborative relationship with Silicon Valley Bank and mourn its loss alongside the many startups and funds that are now impacted by this catastrophic event. We believe it is important to communicate our exposure to Silicon Valley Bank across our funds and the proactive steps we are taking to manage risk for our organization and portfolio companies.
We can report Future Africa and its funds have minimal exposure to Silicon Valley Bank. The team is working very quickly to build new account relationships with established global banking institutions as soon as funds are available on Monday.
Specifically for Fund II - we have no risk of exposure, as the fund was fully deployed as of January this year. This means that all SPV and Rolling fund investments that were made through AngelList or Vauban have been wired to companies and we have no uninvested capital exposure to SVB or any other bank directly or indirectly via our custodians at AngelList and Vauban.
For any of our portfolio companies impacted by this event, we are with you and actively working with established global banking institutions to design solutions that ensure the continued safety and availability of your funds. We will continue to provide guidance as the situation evolves and we learn more.
If you have any questions, you can contact email@example.com and we will do our best to respond as promptly as possible.
E & MIa