Finance
Citi Sees More Startups Embracing the Once Dreaded ‘Down Round’
- ‘We’re very early in this market rebound,’ bank executive says
- Records set in 2021 are unlikely to be broken anytime soon
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As the slump in public stock offerings drags on, Citigroup Inc. is seeing signs of life in the private markets.
A conference at Citigroup’s Tribeca headquarters drew record attendance this week, including almost 150 institutional investors and about 50 so-called unicorns, or startups that are valued at more than $1 billion. More than 20% of the companies have either signed up the Wall Street giant to help them raise private capital or are close to doing so, up from less than 10% at the same conference a year ago.