Venture capital funding of start-ups has plunged by more than 50 per cent in the past 12 months, as an economic downturn weighs on valuations at nascent tech groups.
Globally, venture funds invested $76bn into start-ups in the first three months of 2023, less than half the $162bn they deployed in the same period a year ago, according to data provider Crunchbase.
That sharp drop is despite two large fundraising rounds for tech companies taking place this year. In January, Microsoft invested $10bn into generative artificial intelligence company OpenAI, and last month payments company Stripe raised $6.5bn from investors.
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