Posted 12/7/2023, 9:23:00 PM
Startup Funding Plummets over 50% as 500+ Tech Companies Shut Down in 2022 VC Slump
- Venture capital funding for startups has fallen by over 50% since last year, pacing towards its lowest level since 2015
- Nearly 20% of startups have raised money at lower valuations than before, up from just 5% in 2021
- Over 500 startups have shut down so far this year, the most since tracking began 5 years ago
- Big names like WeWork and Convoy have filed for bankruptcy recently amid the funding crunch
- Venture capitalists are sitting on record levels of uninvested "dry powder", but startup funding is expected to remain tight through 2023