The growing size and strength of Vancouver’s tech ecosystem has earned the attention of Silicon Valley Bank (SVB), a global commercial-based bank that provides funding to tech startups.
On Tuesday, SVB announced its expansion to Vancouver, which will be led by Caterina Papadakos, the company’s new director of technology banking for Western Canada.
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The firm reports it provided venture capital investments totalling $555 million to BC-based companies over the first half of 2020.
“Silicon Valley Bank is dedicated to supporting the growth of the Canadian innovation ecosystem and we are excited to bring Caterina on board to focus specifically on working with companies in Western Canada,” said Paul Parisi, head of Canada at Silicon Valley Bank, in a statement.
“Caterina brings a broad range of experience working with high-growth companies and their investors to SVB. She will be a valuable partner to our clients and will help us build on our momentum in this growing market.”
This is a major addition to the city’s tech ecosystem and infrastructure, as finding the necessary funding to evolve and scale a startup has been a longstanding issue for tech companies in Vancouver.
With SVB, more companies could potentially see a path forward with finding the funding they need, while also remaining in Vancouver, instead of moving to California.
The bank opened its first presence in Canada in Toronto in 2019, and secured its lending license from federal regulators early that year.
Over the first half of 2020, total venture capital funding in Canada reached $2.5 billion across 264 deals. BC has experienced the largest uptick in venture deal count share in Canada this past decade, propelled by traditionally strong niches in the Canadian market, such as e-sports and ed-tech.
SVB is headquartered in Santa Clara, California. It also has office locations in the United Kingdom, Germany, China, India, and Israel.
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