![]() ![]() "It was a very large sum of money," he said of the transfer. While he declined to provide the exact amount, he noted that Shelf Engine has raised more than $60 million from investors. "We woke up this morning hoping the money would be in that JPMorgan bank account, and it was not." "Unfortunately, our wire was not honored and our money is still at Silicon Valley Bank," Kalb, 37, said in an interview on Friday. He and his team quickly opened an account at JPMorgan Chase and attempted to wire transfer every last penny out of Silicon Valley Bank. Not only did Silicon Valley Bank help the company process checks and payments, but all of the startup's cash was locked up in the bank. The following day, it was under water.įor Shelf Engine, a 40-person startup founded in 2015 that uses artificial intelligence to help grocery stores reduce food waste, this was a major problem. The bank was on firm financial footing on Wednesday. Kalb, the CEO and co-founder of Seattle-based food management startup Shelf Engine, had been following news of a bank run at Silicon Valley Bank, with droves attempting to pull out $42 billion from the bank on Thursday alone on fears that it was teetering on the brink. ![]() on Thursday when a fellow company executive sent him a panicked Slack message: "Do you know what's happening at SVB?" Stefan Kalb was in the middle of a meeting around 1 p.m. ![]()
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