All the VC investors spoken to said they now expected the local deal numbers for the second half of this year to go backwards compared with 2021, and had begun advising portfolio companies to rein in spending.
Blackbird partner Rick Baker said his fund had been investing earlier and in smaller rounds this year, pouring 42 per cent more into early-stage companies than it did in the first six months of 2021.“Comparing the first six months of 2021 to the first six months of 2022, the total amount of capital we invested fell by 43 per cent,” Mr Baker said.
“Start-ups with solid business fundamentals will always thrive – that will just become more apparent in the current environment. Sustainable growth, best-in-class unit economics, high-quality team and culture are key. Although some of its portfolio has experienced a rise in valuations this year because of strong underlying revenue growth, Mr Koertge, in admitting that some companies had to be marked down.
He said the significant decline in listed tech share prices had direct implications for companies about to float or attempting to raise at a later stage, and had also filtered down to earlier stage investments.“Our approach hasn’t especially changed but the market has. Last year, there were some very elevated valuations for even seed-stage deals, which we refused to take part in, and we had purposefully focused on Series A as the pricing of those deals hadn’t changed very much,” Mr Dorrell said.
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