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WEKU
WEKU
Business
Bobby Allyn

Silicon Valley Bank failure could wipe out 'a whole generation of startups'

Silicon Valley Bank Garry Tan Silicon Valley Y Combinator FDIC Roku SVB
Shelf Engine co-founders Bede Jordan, left, and Stefan Kalb (Shelf Engine)

Stefan Kalb was in the middle of a meeting around 1 p.m. on Thursday when a fellow company executive sent him a panicked Slack message: "Do you know what's happening at SVB?"

Kalb, the CEO and co-founder of Seattle-based food management startup Shelf Engine, had been following news of a bank run at Silicon Valley Bank, with droves attempting to pull out $42 billion from the bank on Thursday alone on fears that it was teetering on the brink.

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