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I've been thinking about the lack of silos in startupland. Sometimes an artificial wall is put up between companies at different stages of growth, but in reality everyone is in the same room, tripping over the same rug.
Let me be more precise. Many early-stage investors say their companies aren't affected by the late-stage market because they have enough capital to weather uncertainty. The same energy was on display this week. According to the term sheet written yesterday, we are still in a founder-friendly market, but a pair of entrepreneurs reminded me that experimental bets are still landing significant.
I think of this time in early-stage startups as a recorrection, not a crisis. Dollars are changing across the board according to new data from PitchBook and NVCA.
The latest report says that venture-backed companies attracted nearly $71 billion during Q1, behind in pace from every quarter in 2021, but still ahead of pre-pandemic totals. According to the research team, seed deal sizes are starting to look more toward historical norms than outsized absurdities. The median pre-money valuation is $12 million. A fun dichotomy investors have to pay for.
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