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Venture Capitalism on Downswing
Who can blame them?
It comes as no real news that venture capital firms raised only $1.72 billion in the third quarter, the lowest level since 2003. After beginning the year with soring hopes for internet companies such as Facebook and Groupon, the wet towel of reality has slapped faces at big venture backed companies who are now cowering from wild fluctuations in the market and tumbling valuations.
According to Mark Heesen, president of the National venture Capital Association, “The quarter’s low fund-raising numbers are reflective of the ongoing challenges within the venture capital exit market. “Until we begin to see a steady and sustained flow, we can’t count on investors stepping up.”
An extra $5 million will buy you his real thoughts on the situation.