Tech firms seek new recipes for success after SVB trauma

LONDON'S tech scene has gone through a lot of turmoil since the start of the year. Scores of firms, from social media giant Meta to data firm Palantir, have cut or are planning to cut jobs amid a softening in consumer demand and a slowdown in business investment.

- Simon Hunt

Others such as fintech Revolut and meal-kit delivery service Gousto have seen their valuations slashed in fresh funding rounds, and many start-ups say they struggle to access any cash at all.

But these troubles were dwarfed by the collapse of industry linchpin Silicon Valley Bank in March, which put huge numbers of small businesses in danger of going under and risked bringing the entire sector to its knees, before a rescue deal by HSBC.