It’s not exactly a shopping spree, but with overall M&A down, more startups are hunting for other VC-backed companies in the U.S.

In fact, startups buying other startups is on pace to make up the largest slice of the M&A pie in years when it comes to overall VC-backed, U.S.-based startup dealmaking. This is a noteworthy development in the current environment where venture capitalists and their limited partners are thirsting for liquidity amid a frozen IPO pipeline and quiet M&A market. READ MORE