Surprised it's just 18%.

2021 was a height of "more money on the market than productive things to do with it". Startups are expected to operate in 2-year fundraising cycles - VCs used to push you to increase burn rate if you had a longer runway.... So right now startups that raised at the top of 2021 are facing potential fundraising now. The equivalent company would have 2-3x lower valuation in 2023 compared to 2021 - based on my discussions with other founders, what board members say, etc.