Venture capital funding globally almost halved in the first six months of 2023, data from research firm PitchBook showed, highlighting a lack of enthusiasm on the part of investors as well as less demand amid sharply higher interest rates.
By region, Latin America had the biggest drop with an 86% slump while the U.S. and Europe fell 65% and 69% respectively.
"I haven't written any checks in the past 18 months," said Kevin Colleran, a co-founder at early-stage firm Slow Ventures. "I have 30 portfolio companies that I need to help figure out how to survive. There is no point for me to add to the misery." Funding activity has fallen across all stages, with the first seed round logging the biggest drop with a 44% decline in the number of deals in the U.S.
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