Crossover investor giant Coatue has significantly cut down on funding deals as the venture sector continues to see a pullback after a record-shattering 2021.
After taking part in 56 funding deals in the fourth quarter of last year, the New York-based firm took part in only 16 such deals in the just-completed second quarter of this year, according to Crunchbase data.
In addition, whereas the rounds the firm participated in in the fourth quarter totaled more than $14 billion, the rounds in the second quarter came out to only $1.6 billion, according to Crunchbase.
In fact, only one round this calendar year makes the firm’s list of the 10 largest since the beginning of 2021—a $1 billion round to London-based e-commerce startup Checkout.com in January.
It is unclear exactly how much money Coatue invested itself as specific stakes in a round are not usually divulged. But the numbers seem to indicate the venture pullback of 2022 is very real as valuations get slashed and the search for funding gets harder for startups.Read more...