And just like that—venture capital funding has hit a new three-year low.
Startups around the globe raised a collective $58.6 billion in venture funding in the first quarter—dropping 13% from the last quarter and at their lowest levels since pre-pandemic, according to new data from CB Insights. In the U.S., numbers were a bit steadier, but only because of Stripe’s whopping $6.5 billion funding announcement in mid-March. International startups, in particular, are struggling to fundraise at the same levels they had been, with funding in Latin America, Asia, and Europe declining by 54%, 27%, and 12% respectively.
