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Venture Funding Set to Hit Lowest Level Since 2020

New data show that tech investing for the quarter to date is down 27%.

Venture capital-backed startups raised far fewer rounds of funding during the past three months than they did during the more ebullient days of late last year and early this year, according to new data from analytics firm CB Insights.

Deal activity across the globe dropped 23% between the first quarter and second quarter of this year, the firm found, using data for the second quarter through June 23. That’s a stark contrast to the previous quarter, where the deal count dropped only 1.4%—and an indication that the roiling of the crypto and public markets are affecting private companies.