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January 12, 2024
PitchBook: 3,200 startups have gone out of business this year, and $27 billion in venture capital has been wasted
Summary
In 2023, 3,200 startups failed, wasting $27B in venture capital, according to data from PitchBook. Ernst & Young implies this number might be underestimating the true losses. Examples of significant failures include Wework, Frank, Zume and Convoy. This "mass extinction event" is partially due to reduced funding as venture capital has significantly decreased compared to 2022.
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