Unicorn fundraising is reverting to a (very elevated) baseline

It’s not a nasty 12 months for startup fundraising. Whereas enterprise totals are off sharply from information set final 12 months, proof is accumulating that 2022 is extra of a return to an elevated baseline than a historic collapse.

In line with a evaluation of a Crunchbase dataset monitoring funding for unicorn corporations — non-public startups value $1 billion or extra as of their most up-to-date funding spherical — it’s clear that buyers are nonetheless paying amply for unicorn fairness.

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A decline in complete unicorn fundraising is just not a shock. As we explored earlier this week, late-stage rounds are shrinking. That’s typically the place unicorns fall within the fundraising lifecycle, albeit with exceptions, that means that if late-stage rounds are getting smaller, it is smart that unicorns would increase much less capital.

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