SVB fallout unlikely to affect fundraising for Southeast Asia startups, venture capitalists say

cnbc.com:

The collapse of U.S.-based Silicon Valley Bank is unlikely to hit fundraising for tech startups in Southeast Asia, venture capitalists and an analyst told CNBC.

The bank served many venture capital firms and venture capital-backed startups. But last week, depositors rushed to withdraw their funds as panic over the bank's financial situation spread, causing it to collapse.

«I think [the impact on fundraising is] a watch out, but I don't think that contagion spreads,» said David Gowdey, managing partner at Southeast Asian venture capital firm Jungle Ventures, on CNBC's "Squawk Box Asia" on Tuesday.

«I think Secretary Yellen and the government did a fantastic job of stepping in and taking away a lot of that risk, creating a lot of stability in the markets,» he said. On Sunday, U.S. officials including Treasury Secretary Janet Yellen announcedplans to backstop depositors of the bank.

Gowdey said SVB was the firm's primary bank, but added, «We pull a lot of that money into Southeast Asia, into Singapore banks. And so for us, the exposure to SVB was not large.»

Golden Gate Ventures, which also invests in Southeast Asian startups, said the SVB fallout is an opportunity for the region.

«This has actually been helpful to Southeast Asia. It now looks like a golden child to U.S. investors. Investors are starting to say: I want to diversify to different bank accounts, different geographies, different currencies,» Vinnie Lauria, managing partner at Golden Gate Ventures, told CNBC's "Street Signs Asia" on Tuesday.

«And this is where Southeast Asia has the time to shine, in light of the situation,» added Lauria.

When asked if the situation makes fundraising more difficult, Gowdey said funds in Southeast Asia are well capitalized.

«I