Tech startups reevaluate banking options amidst industry instability.

The collapse of Silicon Valley Bank (SVB), the second-largest bank failure in US history, has left a "massive hole" in the climate tech startup ecosystem, according to investors. SVB was known for its relationships and expertise in climate tech, and its collapse has left companies and their VC backers uncertain about whether they will be able to access specialty banking services that cater to early-stage companies not yet turning profits. While climate tech funding has tapered off, it is holding up relatively better when compared to the decline in broader VC funding, which fell 53% globally year over year.