{"id":37835,"date":"2018-08-21T11:53:57","date_gmt":"2018-08-21T09:53:57","guid":{"rendered":"https:\/\/cms.munich-startup.net\/?p=37835"},"modified":"2020-10-08T10:42:06","modified_gmt":"2020-10-08T08:42:06","slug":"silicon-valley-bank","status":"publish","type":"post","link":"https:\/\/cms.munich-startup.net\/en\/37835\/silicon-valley-bank\/","title":{"rendered":"\u201cThe seeds are sprouting\u201d \u2013 A question from\u2026 Silicon Valley Bank"},"content":{"rendered":"

Much has been rumored in recent months, but since the end of May 2018, it has been confirmed: Silicon Valley Bank (SVB) is now officially represented in Germany. We wanted to know what startups can expect from this new player, what makes the American bank so special, and why the German market is so exciting. We spoke to Christian Hoppe, Managing Director of SVB in Germany, at the Noah Conference <\/a>met for a discussion.
\n<\/strong><\/p>\n

SVB was founded in the USA around 35 years ago and generated profits of USD 490 million in 2017. With over 2,500 employees worldwide, including over 200 in the UK, the bank has now opened an office in Germany. Currently without a full banking license, its business focuses primarily on lending. But why is this such a hot topic in the startup scene? How do startups benefit from SVB compared to loans from other banks? Christian Hoppe<\/strong> answers this as follows:<\/p>\n

"The simplest point is: we provide loans in the first place. Early-stage startups usually fall through the banks' risk profiles. We, in turn, look at the startups; we understand the companies, we understand technology. And we're not afraid to lend to someone who is loss-making."<\/p><\/blockquote>\n

Almost like a marriage \u2013 the holistic approach<\/h3>\n

SVB is also opening up its network to the venture capital scene. This is exciting, as the bank has 2,400 venture capital funds as clients. This means that if a startup is planning its next financing round and needs an introduction to a strong VC, there's a good chance that close contacts already exist and an introduction can be provided. And, unlike other places, it's free of charge.<\/p>\n

The same applies if a startup wants to expand, for example, through an acquisition. In this case, too, the target company may already be an SVB client. SVB currently operates this model more frequently in the US, where the bank has already financed over 30,000 startups.<\/p>\n

\"Silicon<\/a>
Christian Hoppe, our interview partner, is Managing Director of SVB in Germany.\u00a0
(\u00a9 Silicon Valley Bank)<\/figcaption><\/figure>\n

From initial contact to the conclusion of a contract, it can take a year or two. SVB claims to be non-transaction-driven. When a startup approaches the bank with a suitable business model, the bank's employees first engage in a conversation and share their expertise without obligation. Following the motto: Do good for the ecosystem, and it will eventually resonate positively.<\/p>\n

"We're not immediately put off by the realization that we won't be making a deal tomorrow. We're more likely to ask: How can we help you? It's almost like a marriage. We provide the financing, and then we'd like to stay in it forever."<\/p><\/blockquote>\n

And how does the business model pay off? Christian Hoppe comments:<\/p>\n

"We accompany companies from Series A through IPO until they become multinational. The best example is Cisco, where we are currently still financing."<\/p><\/blockquote>\n

And why does the SVB, unlike local banks, finance companies that make losses rather than profits?<\/p>\n

"Thanks to our long experience in this field from Silicon Valley, we understand the risk and can manage it precisely because we understand it. Of course, the coupon isn't identical to a one percent bank loan. It's risk-adjusted, it's market-driven."<\/p><\/blockquote>\n

explains the Managing Director of SVB Germany. SVB bases this on the product, among other things. However, there is no specific industry focus. Christian adds:<\/p>\n

"With venture debt, for example, you don't have to provide personal security. We finance anything that's innovative, disruptive, and has a very strong tech connection. Plus life sciences."<\/p><\/blockquote>\n

Do not dilute the stake<\/h3>\n

It is very important for SVB, especially for early-stage investments, that previous financing rounds have a certain minimum volume and that "good" investors are already providing capital. Then, it can happen that SVB actively approaches a founder who is currently raising a $10 million round and offers them up to $1,452 million of that round as venture debt on top. The startups benefit by having capital available for longer, being able to conduct the next round at a higher valuation, and growing more overall. And, ultimately, of course, their stake is not diluted.<\/p>\n

We wanted to know what decision-making criteria SVB uses. The idea, the team, or the fact that other exciting investors are already on board? Christian commented:<\/p>\n

"The investors are extremely important. With a minimal deduction in priority, but only minimal, comes the team. And only then comes the business model."<\/p><\/blockquote>\n

After all, there are some very successful business models that are copycats. If investors like the idea and push the startup until it's a success, and the team can actually execute, then that might be more important than the idea itself, says Christian.<\/p>\n

Why Germany?<\/h3>\n

SVB already has several customers in Germany. Munich-based startups financed by the bank include Lilium <\/a>or eGym. <\/a>For the bank, Germany is the most interesting market in continental Europe. The UK office has quickly grown to 200 employees since opening a few years ago. And of the total US$23 billion in loans issued worldwide, US$3 billion were issued in the UK. The bank intends to continue this success story in Germany. The potential is enormous, says Christian:<\/p>\n

"Germans are very engineering-oriented, enjoy developing, and have a strong innovative spirit. It's an exciting time right now. And it's definitely the right time in Germany."<\/p><\/blockquote>\n

Christian emphasizes that the expansion has nothing to do with Brexit. Three years ago, the bank was already considering entering Germany. But back then, there weren't as many large financing rounds. For debt investors, the current situation is a better environment than it was in 2015. VC fund volumes are also steadily increasing. In addition, several startups have also made exits, and the founders themselves are now investing their money in new ventures as business angels, taking a risk-conscious approach. There are also more serial entrepreneurs who know exactly how to scale and how to proceed. Christian comments:<\/p>\n

"We're now beginning to reap the benefits of the seeds sown three to five years ago. We're seeing how these plants are developing."<\/p><\/blockquote>\n

"And you're watering them now?" we ask him. He replies:<\/p>\n

"Yes, I'd love to. I also like that image because you have to be very careful\u2014even with venture debt\u2014not to drown the little plant. It's a big task, and you need experience."<\/p><\/blockquote>\n

The Managing Director of SVB Germany also believes that both sides must act cautiously and bear responsibility. After all, too much money isn't always a good thing. The timing has to be right. And venture debt isn't the appropriate financing option for every company. But it is for many.<\/p>\n

And when will the SVB office be in Munich?<\/h3>\n

The bank is already in talks with several hot candidates. SVB also hopes to open a rep office in Munich at some point, as the Munich market is considered "extremely exciting."<\/p>\n

"Not just on the startup side. We finance not only startups, but also venture capital and private equity funds. And Munich is definitely a stronghold in this area,"<\/p><\/blockquote>\n

says Christian. He adds:<\/p>\n

"I'm incredibly enthusiastic about Munich. It's a great place to be because it's very laid-back. And I think the reviews are fair, not overly exaggerated."<\/p><\/blockquote>\n

The plan is for the first SVB employees to be working from Munich as early as next year. So we can look forward to it.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

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