The Singaporean independent venture capital firm Jungle Ventures expected the collapse of Silicon Valley Bank is unlikely to have an impact on the fundraising for tech startups in Southeast Asia.
David Gowdey, managing partner of the VC firm, told CNBC on Tuesday that the market should stay alert for the impact, but he believed that the contagion will not spread.
He applauded the US regulators for their fascinating job of stepping in and taking away a lot of risk from the financial sector while bringing back stability to the market.
Jungle Ventures is one of Southeast Asia’s largest independent venture capital firms, and Gowdey believed that its exposure to the collapse of the Silicon Valley Bank was not large and also noted that funds in Southeast Asia are well capitalized.
Meanwhile, Golden Gate Ventures, which also invests in Southeast Asian startups, told CNBC that this is an opportunity for the region as foreign investors are looking to diversify to different bank accounts in different geographies and different currencies.
