For some Black founders and investors with ties to Silicon Valley Bank, the meltdown has also resurfaced deep-rooted qualms around their interactions with the financial sector.
, the largest annual decrease for the group in more than a decade, the data shows, and Black women receive an average of just 1% of venture capital dollars every year.
Pierre-Jacques, whose first fund was anchored by the private equity giant TPG, said Harlem Capital was on a text thread with the firm’s treasury department — part of an emergency crush of phone calls, group chats and Slack channels as the crisis unfolded. “We just felt like it was really prudent to not only save ourselves but to help save the ecosystem,” he said.Not all Black founders said they had great relationships with Silicon Valley Bank.
“Black people don’t historically have the best relationships with banks,” said Isa Watson, the founder and CEO of the audio-driven social app Squad. “I’ve gotten denied for mortgages that my white colleagues with lower credentials have not.” “Silicon Valley Bank was literally the only bank that we had our money in,” he said. “Now I know in the future to definitely have two bank accounts.”
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