On a dollar basis, the cooling off has been mild.
On a deals basis, the cooling off has been dramatic and looks to be getting worse.
So what is going on?
When I talk to my friends who do a lot of angel investing, I hear that they are being more selective, licking some wounds, and waiting for liquidity on their better investments.
When I talk to my friends who started seed funds in the past decade, I hear them thinking about moving up market into larger funds and Series A rounds.
You can see that in the data. Less deals and bigger deals.
https://balance.ventures/wp-content/uploads/2017/12/puppy-384647_1920.jpg 1422 1920 Editor https://balance.ventures/wp-content/uploads/2018/08/B_Website_Header.png Editor2018-10-26 04:04:542018-10-26 04:04:54VC Fred Wilson: The Early Stage Slump