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VC Funds See “Mass Extinction Event” For Startups In 2023: “It Will Make The Financial Crisis Look Quaint”

 
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03/08/2023 09:39 AM
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VC Funds See “Mass Extinction Event” For Startups In 2023: “It Will Make The Financial Crisis Look Quaint”
Leading venture capital players are predicting a "mass extinction event" for early- and mid-stage startups that will make the global fiscal collapse in 2008 "look quaint" by comparison. According to Globest, a new survey has found that 81% of early-stage startups are facing a failure in 2023 because--as of the end of October--they had less than 12 months of capital left to keep going because VC funds turned the spigot off last year on a flood of seed funding.

An international survey of 450 startup founders in the US and Europe was conducted between August and October 2022 by research firm January Ventures, with 61% of respondents from the US and 32% from Europe. The founders who participated in the survey also were categorized by the level of funding for the startup: 48% of respondents said they had raised pre-seed funding, 32% said they had raised seed funding and 16% hadn't started raising funding.

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