“Recently, Bowery Farming was named in an article on Vertical Farm Daily's website and newsletter about agtech companies that were affected by the bankruptcy of the Silicon Valley bank. While Bowery Farming was featured on SVB’s website it was not affected the bankruptcy of the bank,” Bowery Farming shares.
The company was named in an article about agtechs being affected by the bankruptcy of the startup bank. The bank had 17 branches in California and Massachusetts, as well as branches located in Canada, China, Denmark, Germany, India, Israel, Sweden, and the UK. The main office and all branches of Silicon Valley bank will reopen on Monday, March 13, where the DINB will maintain Silicon Valley Bank’s normal business hours.
According to the release, as of December 31, 2022, SVB had approximately US$209 billion in total assets and about US$175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The FDIC notes the amount of uninsured deposits will be determined once the organization obtains additional information from the bank and customers.
SVB was known widely as a banking system to back startups in the tech industry — including those in the ag tech industry. SVB notes it strove to “serve those creating positive environmental change,” as well as help startups access a world-class range of banking, lending, and investment solutions to compete globally.
“From alternative energy solutions to agricultural breakthroughs, we support individuals and businesses driving toward a healthier planet,” SVB notes on its website.
In addition, the bank notes that it had over 1,550 clients in the climate technology and sustainability sector — including clients such as Farmers Business Network, Impossible Foods, and Vive Crop Protection, who previously secured debt financing from SVB.
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