Artifact, the new personalized news app from Instagram’s co-founders, is another startup whose funding was caught up in the Silicon Valley Bank failure, and co-founder Kevin Systrom believes there could be more trouble to come for Silicon Valley. The founder disclosed in a recent interview the team had 100% of Artifact’s funds at SVB prior to the bank’s failure. However, unlike many other startups impacted by the bank crisis, Artifact’s co-founders were in the fortunate position of being able to self-fund their startup, if need be, and were planning to loan the company money to keep it afloat.
As it turns out, Artificat’s financial crisis was short-lived. Systrom tells us that after the government took control of SVB, Artifact has since recovered all funds and has no more problems on that front....
