That might sound like spin, because anecdotes abound about how rough it still is for those raising now. And for good reason. Down rounds — that is, raising at a lower valuation than a previous round, which founders want to avoid unless they have no choice — were still at near record highs through the first half of 2024, according to Aumni’s Venture Beacon report. Around 39% of late-stage deals were a down round, according to Aumni’s report. That covers Series B and beyond, with the biggest percentage of down rounds at Series C and beyond.
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