Rob Freelen
@RobFreelen
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VC @ Sozo Ventures, former SVBer, and views are my own.
Santa Monica, CA
Joined July 2009
Excited to join this amazing group of Kauffman Fellows.
@KavitaGupta19 @Deltabc_fund @matt_maurer @ElohoGM @TLcomCapital @aaronqfu @DCGco @venture4africa @latitudlatam @ginag @nmachijidenma @generalcatalyst @aakash_kpr @peakxvpartners @sclarsic @VoyagerVC @Getaround @MIT @ModernMeadow @HomeworldBio @katkennedyVC @KickstartFund @TheKofiAmpadu @a16z @TessaFlippin @CapitalizeVC @BLCKVC @chicago_blend @bharadwaj_avi @intelcapital @derek_chu @FirstMarkCap @Airbnb @MenloVentures @Wharton @collab_capital @kk_goldstein @53Stations @HarlemCapital @TShalalvand @KinnevikAB @500global @alaina_hartley @greycroftvc @TJVapola After 17 years at SVB where he was Head of VC Relationship Management, @RobFreelen has dedicated the rest of his career to helping founders build industry-changing companies. In addition to MD at @SozoVentures, Rob co-founded a VC-backed FinTech & an early-stage wine company.
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@KavitaGupta19 @Deltabc_fund @matt_maurer @ElohoGM @TLcomCapital @aaronqfu @DCGco @venture4africa @latitudlatam @ginag @nmachijidenma @generalcatalyst @aakash_kpr @peakxvpartners @sclarsic @VoyagerVC @Getaround @MIT @ModernMeadow @HomeworldBio @katkennedyVC @KickstartFund @TheKofiAmpadu @a16z @TessaFlippin @CapitalizeVC @BLCKVC @chicago_blend @bharadwaj_avi @intelcapital @derek_chu @FirstMarkCap @Airbnb @MenloVentures @Wharton @collab_capital @kk_goldstein @53Stations @HarlemCapital @TShalalvand @KinnevikAB @500global @alaina_hartley @greycroftvc @TJVapola After 17 years at SVB where he was Head of VC Relationship Management, @RobFreelen has dedicated the rest of his career to helping founders build industry-changing companies. In addition to MD at @SozoVentures, Rob co-founded a VC-backed FinTech & an early-stage wine company.
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Actually, SVB did sponsor @EF_TIBCO_SVB womens cycling team and I'm VERY sad to think they will have a huge hole in their 2023 budget.
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The story this doesn’t tell is the fact that SVB didn’t sponsor festivals, teams, or major consumer-focused events. That left them the ability to spend marketing dollars getting Founders/VCs together in shared experiences. Those experiences facilitated deals. Win-win.
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Hell yeah. 🙌🏻
Just got off the phone with a founder who moved his cash from SVB to Big Bank yesterday. His thoughts: - Going back to SVB. I think it is now the safest bank in the U.S. - Experience with Big Bank was awful. They are terrible. - Want to support SVB. Will move back half of $.
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3/ SVB's plea for help in stemming the bank run fell on deaf ears. Regardless of how you feel about (a) companies who moved money, or (b) VCs who fueled the bank run, now companies & VCs who #redeposit @ SVB, at zero incremental risk, and help #savesvb. NOW IS THE TIME!
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2/ (a) SVB is now the safest US bank, with 100% FDIC insurance on every dollar, (b) SVB is honoring all loan commitments, (c) SVB resumed new loan originations today, and (d) in the unlikely event the FDIC winds down SVB someday, the deposits would be available within 24 hours.
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1/ 🙏 @msuster - You're right. It's understandable to be angry about decisions at #SVB, but the bottom line is that VC & tech are better off with a healthy SVB. But in order to #savesvb @SozoVentures and I are asking clients to #redeposit at SVB. Here's why:
1/ Update on what I know about SVB situation. New info on industry call with new CEO last night. Their main message, "we are open for business, your deposits are fully FDIC insured & safe" They understand you will have cash in multiple banks, they would like to be one of them
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Thank you Michael Moritz. Well said.
SVB provided for tech when everyone else ignored us
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YES @BillAckman - regional banks are critical infrastructure. Unless someone buys #SVB tech will find out what happens when a critical provider goes down. Let's hope D.C. hears the message and increases/extends FDIC insurance soon. Time to admit all deposits are equally important
Our economy will not function effectively without our community and regional banking system. Therefore, the @FDICgov needs to explicitly guarantee all deposits now. Hours matter. We also need a modern version of our deposit insurance regime, but that will take some time, and
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I spent 17 years at SVB and can tell you beyond a shadow of a doubt that a start-up world without SVB is much more difficult to navigate. Other solutions will pop up (and be funded by VCs), but we want another bank to buy the US assets and continue the business.
Silicon Valley Bank provided services to nearly half of all venture-backed tech and life-science companies in the U.S., according to its website. Here are some of collapsed bank’s clients. https://t.co/qQmhtUrgjI
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2/ I was a 17 year employee of SVB and neither me, nor @BillAckman, feels equipped to fully analyze a bank’s financial health. As members of the Banking Committee (@SenatorTimScott @SenSherrodBrown), do you believe it’s fair to expect small biz owners do so?
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Dear Senator @ewarren, Zuck & Bezos don’t bank at SVB. The reality is that #svbbanksmainstreet and powers biz on Main Street. Please help great MA companies rescue deposits: ExpressIT, Ampion, Noterize, Seyon, WS Development, Cross Harbor, Team Impact, Toast (powers TONS of SMB)
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Appealing for @JDVance1 @SenatorTimScott and members of the Senate Banking Comm: please look, in any state, for how #svbbanksmainstreet. Many great SVB companies in OH where the ripples flood to Main St: @PatriotSoftware, @BeamBenefits, @cloverleafme, and the list goes on, and on
I really hope that @SenSherrodBrown @JoyceBeatty @MikeCareyOH15 pay attention and realize a 100% deposit guarantee to clients of SVB is THE critical move for @POTUS @ewarren. Letting @SVB_Financial fail will mean MORE consolidation to Top 4 banks, not less. #svbbanksmainstreet
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I really hope that @SenSherrodBrown @JoyceBeatty @MikeCareyOH15 pay attention and realize a 100% deposit guarantee to clients of SVB is THE critical move for @POTUS @ewarren. Letting @SVB_Financial fail will mean MORE consolidation to Top 4 banks, not less. #svbbanksmainstreet
Patriot Software addresses Silicon Valley Bank closure here >>> https://t.co/jiS1zkGXwG
#siliconvalleybank #svb #siliconvalley
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While there are many conversations underway, we are opening our statement to the broader VC Community to signal our collective need for a strong banking partner for our community. To add your firm, email VCCommunity@generalcatalyst.com. https://t.co/jWIOmiwqo1
#SVB
docs.google.com
Venture Capital Statement of Support for SVB tinyurl.com/vccommunitysvbstatement On March 10, several venture capital leaders met to discuss the aftermath of Silicon Valley Bank’s downfall. We...
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This is the best analysis of the situation I’ve seen. Thank you @BillAckman. Now let’s do something about it.
The gov’t has about 48 hours to fix a-soon-to-be-irreversible mistake. By allowing @SVB_Financial to fail without protecting all depositors, the world has woken up to what an uninsured deposit is — an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or
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Counter rumor. I'm hearing from VCs I know on email, text, DM, whatsapp ... that they want calm and don't believe SVB is going anywhere. I have many messaging me now. We are working on forming a group to share information more cohesively on what we know & advise
I’m hearing that many VCs are advising founders to keep no more than $250,000 of funds in SVB. Here’s what USV told founders in an email: Keep “only keep minimal funds in cash accounts at SVB,” that is, funds of up to $250,000. “SVB is in a severe cash crisis”
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