Despite their big fund sizes, AirTree, Blackbird and Square Peg tended to write seed funding cheques more often than large deals In 2022, as overall start-up funding fell.
AirTree’s capital invested dipped from $227 million in 2021 to $199 million this year. Blackbird’s investment value declined from $420 million to $246 million – a fall of 41 per cent. Square Peg Capital had a 30 per cent decline year-on-year to $310 million invested.
“Equity demand was lower this year with many companies having raised in late 2020 or early 2021 and trying to avoid raising in the volatile market of 2022,” she said.“Companies are taking venture credit to extend capital runways and grow into their 2021 valuations before raising next rounds of financing. Venture credit demand in the last six months is up 60 per cent.
Tech businesses are particularly susceptible to this because many are valued on their future earnings and the present value of those earnings are worth less as rates rise.
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