It’s Tuesday morning, and venture capitalist Chris Olsen says he’s about 72 hours behind on sleep.
Olsen, the co-founder of Columbus, Ohio-based VC firm Drive Capital, spent the tail end of last week and the weekend determining how many of his startup investments had exposure to now-failed Silicon Valley Bank, and how he was going to help them make payroll and other near-term expenses in light of the second-largest bank failure in U.S. history.
Out of Drive’s more than 100 portfolio companies, around a third of those startups banked with Silicon Valley Bank. Of those, 15 had some or all of their assets trapped at the bank by the time federal regulators stepped in and closed the bank on Friday. Complicating matters, Drive itself was a customer of SVB and had assets it could not retrieve.