The S&P 500 is in the gutter. The tech-heavy NASDAQ is doing worse. IPOs are struggling to clear their listing prices and some tech stocks—like Uber—are trading well below their private market valuations.

Yet venture capitalists are continuing to throw money at tech startups, and 2022 is shaping up to be the second most active year of VC funding on record, right behind 2021. The public market slowdown—which limits the returns these VCs can hope for—isn’t meaningfully stalling their activity, contrary to the popular narrative. READ MORE