Investment in cloud firms plunged 42% in Q3, says venture capitalist Accel

STOCKHOLM : The amount of money invested in private cloud-computing companies in Europe, Israel and the United States dropped 42 per cent in the third quarter of 2022, indicating an industry in the midst of a"reset", showed a report from venture capital firm Accel.

The valuation of publicly listed cloud companies has also dropped to $1.2 trillion from $2.8 trillion in the last 12 months, Accel said. Among software-as-a-service companies, U.S. data analytics software maker Snowflake Inc has the highest enterprise value-to-revenue multiple over the next 12 months. Last month, however, the multiple was 20 times versus 61 times in September last year, the report showed.

"But we firmly believe that strong secular trends, like the shift to cloud, will continue to propel European and Israeli SaaS forward."

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