We extend our sympathy to all those who have been affected by the failure of Silicon Valley Bank. We have reviewed our portfolio companies to assess whether there is any risk to Matū.

Only one portfolio company, Mekonos, is a direct customer of SVB, both as a depositor and through a venture debt agreement. Mekonos represents 7% of the holding value of the Matū Karihi fund, with a proportional exposure for Matū Iramoe. 

Following announcements by the US Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation, the deposits that Mekonos’ held at SVB will be paid in full.

We have received confirmation from the Company that they have been able to access those funds. There is further work to be done related to clearing the venture debt agreement before moving the funds to another bank. We are satisfied that this mitigates the failure risk, and presents no further material risk to our holding in Mekonos.

The underlying value of Mekonos’ technology and business remain strong and we have confidence in their ability to navigate through this challenge. 

We continue to offer our support to Mekonos and all of our other portfolio companies where we can, as well as to our investors in Matū Karihi and Matū Iramoe.