Silicon Valley Bank marketed itself to startups, which may have leaned more heavily on it for financial guidance in the absence of an in-house chief financial officer.
When Kevin Lee on the morning of March 9 first heard that Silicon Valley Bank could be in trouble, the 32-year-old co-founder of Immi instant ramen frantically called his partner.
“I’m concerned there will be a bank run,” Mr. Lee said he told Kevin Chanthasiriphan , 34, who soon after wired their entire $15 million in capital out of SVB and into fintech provider Brex Inc. where they also had a business account.
Messrs. Lee and Chanthasiriphan, who call themselves the “the Kevins,” launched Immi three years ago, reinventing ramen as a low-carb, high-protein and fully plant-based instant food.
Just a week before the run on SVB, the Kevins announced a $10 million series A funding that included a bevy of celebrity investors such as tennis player Naomi Osaka , R&B singer Usher and speedskater Apolo Ohno , and were poised for a period of rapid growth with revenue up sixfold last year.