Last year was a challenge for many in private capital. TechCrunch reported that total venture investment in the third quarter of 2023 was $73 billion, falling more than $25 billion from a year earlier and 65% from the record highs set in the fourth quarter of 2021.

As investor focus has shifted from companies that pursued growth-at-all-costs to those with solid traction and a path to profitability, fewer deals met the new threshold for investor appetite. But things are shifting again. The promise of interest rate cuts in 2024 is offering a glimmer of hope, at the same time that many of the startups that last raised at the peak of the market will soon need to raise again. READ MORE