The largest private quarterly survey of the tech sector and its backers reveals the number of deals is rising, even as they take longer to complete.
Venture capital firms have been spent almost 12 months licking their wounds, counting the costs of the zero-interest rate era, particularly on valuations and portfolios. But Chris Gillings, Cut Through Venture’s editor and an investor at Five V Capital, said the gloomy conditions was receding. “The fog of fear and uncertainty looming over local and global markets in the latter half of 2022 and Q1 2023 appears to have lifted,” Mr Gillings said.
during the heights of the hype cycle. A handful of firms, such as software investors EVP Capital and the ASX-listed Bailador, either kept strict standards or stayed out of the market during that phase.But many others spent up big during the boom, leaving larger funding rounds to be hard hit by the downturn.
– transactions that tend to be less than $5 million and grew in value over the last quarter – left observers baffled.Mr Naphtali said the tougher capital environment made it hard for founders, who faced the prospect of meeting growth milestones but not being able to rely on fresh investors to tip money into their companies. “It’s unhealthy at the minute with a lack of capital, but I think it’s just a hot minute,” he said.
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