Prime's SVB Response Featured in the News

Silicon Valley Bank (SVB), the 16th largest bank in the United States and a major investor in venture-backed technology, was shut down on March 10th, 2023, by the California Investment of Financial Protection and Innovation. The collapse of SVB was the largest bank failure since 2008, affecting thousands of individuals working tirelessly in the climate sector, including Prime's venture funds and portfolio companies. In response to the disaster, Prime Coalition immediately set up a disaster relief catalytic fund to support the most impactful solutions. Thankfully, the government intervened on March 12th, and Prime Coalition did not need to implement its plan. Nonetheless, this event serves as an important reminder that philanthropy and catalytic capital play a critical role in climate innovation when others are unable.

In GreenBiz and Axios, Prime's efforts to support climate-tech startups were highlighted.