Bloomberg Businessweek ICYMI: Banking on Silicon Valley
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Jun 13, 2025 Bob Curley, CEO of Bridge Bank and Deputy Chief Banking Officer at Western Alliance, dives into the evolving world of tech IPOs and startup funding. He discusses the recent surge in Chime Financial's IPO and its implications for market sentiment. Curley highlights the challenges startups face in a post-pandemic landscape, the rise of venture debt, and the strategic role of partnerships. The conversation also touches on investment trends in AI, likening its growth to the dot-com boom, while providing insights on navigating financial turbulence in the banking sector.
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Startups Have Multiple Funding Paths
- The startup environment shows robust capital availability, with several paths for companies including IPO, M&A, or staying private longer.
- Bridge Bank supports startups across all stages, enabling flexibility in capital raising and company growth strategies.
Post-ZIRP Startups Face Funding Pressure
- Many startups funded during low-rate times now face challenges with high valuations and fundraising amid higher rates.
- These companies are focusing on reducing cash burn, achieving sustainability, or seeking growth stories.
Venture Debt Gains Popularity
- Venture debt usage is growing rapidly, almost doubling from 2021 to 2023 with $60 billion deployed.
- Non-dilutive debt is increasingly accepted as a useful tool by startup boards to delay equity raises and improve valuation.