A new report today from Crunchbase Inc. finds that money flowing into venture capital continued to drop in the first quarter as growth investors further scaled back their investment pace amid ongoing worldwide macroeconomic issues.

For the quarter that ended March 31, global funding came in at $76 billion, down 53% from the $162 billion invested in the first quarter of 2022. Excluding two big rounds in the quarter — Microsoft Corp.’s investment of $10 billion into OpenAI Inc. in January and $6.5 billion invested in Stripe Inc. in March — the downturn is even more considerable, with a quarterly figure closer to $60 billion. READ MORE