Greycroft Co-Founder Dana Settle joins Yahoo Finance Live’s Allie Garfinkle from the Milken Institute’s 26th annual Global Conference in Beverly Hills, CA, to discuss U.S. banking turmoil, raising funds, markets, AI, and the outlook for bank failures.

Video Transcript

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AKIKO FUJITA: Well, the collapse of Silicon Valley Bank in March triggered turmoil in the banking sector. Leading venture capital firms like Greycroft with several clients who banked with SVB, well, they had to pick up the pieces. Yahoo Finance's Allie Garfinkle sat down with Greycroft's Cofounder Dana Settle at this year's Milken Conference to discuss the timeline of events and how her company has been dealing with the aftermath.

DANA SETTLE: We really saw it all unfolding, kind of, in real time. And we had, you know, a huge number of companies that banked with SVB, so, you know, what we were trying to do was really just triage. And so all of our partners-- I mean, each person, sort of, took their portfolio companies, went into action, and figured out what needed to be done.

And so that was really how we spent that, you know, sort of, 72 hours. [CHUCKLES]

ALLIE GARFINKLE: And how did you manage it, that kind of triage? Because I imagine different portfolio companies had different needs.

DANA SETTLE: Yes. So companies that actually we knew were under the insured limit were fine. I mean, we, sort of, put those into one bucket. And then anybody who was over and-- sorry. In that bucket and then also that could make payroll with that the next week were fine.

Anybody who was over that and/or payroll was over that, those are the ones that we really took action with and helped them, sort of, sort through that, find ways to open accounts at different banks and look for solutions wherever needed, so--

ALLIE GARFINKLE: Out of curiosity, do you remember the first call you made?

DANA SETTLE: Do I remember the first call that I made? Actually, it was to my cofounder partner.