In The Room with Vera Shokina
In this week’s episode of The Room Podcast, Madison and Claudia take a break from chatting with their typical founder or funder to cover a core need of every startup and fund: their bank. They are joined by Vera Shokina, Managing Director at Silicon Valley Bank where she covers U.S. banking and early stage international banking, helping VC funds and startups with all of their banking needs. From the founding moment of SVB, the bank has been focused on early stage technology companies and venture capital funds.
Vera walks us through the top tips for founders looking to establish a banking relationship, the process of getting a debt line, and how a bank like SVB helps out with remote work. Let’s open the door.
Season 4 is sponsored by our friends at SVB and Cooley. The episode is now live on all podcast streaming platforms, including Apple Podcasts and Spotify.
Key Theme 1: Top tips for founders looking to establish a banking relationship
Vera says that “it’s super important to think through the product and the culture first with your partner or co-founder in terms of the operational financial, legal things.” Starting a bank account before talking to investors is a good idea. Also, use your ecosystem and ask for referrals to the right places who understand the needs for your team and future.
Key Theme 2: The process of getting a debt line
Vera gives the example that if for example, a company is raising around a $5M series, SVB would come in with an additional $1M, thus extending the runway for about six to eight months. Whether the team wants to launch a new sales channel, grow their customers, or deal with a product delay, a debt line gives founding teams an extra cushion within their raise.
Key Theme 3: How SVB helps out with remote work
As more founders utilized remote work during the pandemic, the trouble of validating an address with a bank has been an issue. SVB works with founders to find a compromise on the confirmed address of the business, helping to find the necessary documents needed and clarifying any confusions within this process.
Thank you so much for joining us on another episode of The Room Podcast. A new episode launches every Tuesday at 7AM PST.