It&#x27;s the unicorn crash. It&#x27;s mostly affecting later stages of hugely valued companies. So far the impact in the seed and A markets and more reasonably valued companies is minimal.<p>Whether that changes depends on a bunch of factors. The two biggest are the overall health of the economy and how economically incestuous high-tech has become. If write-downs and possibly failures among the unicorns trickles down a <i>lot</i> to smaller ventures and investors, it will get worse. Otherwise it will be mostly isolated to that segment of the market.<p>Edit: check the other response to the parent-- looks like we might indeed be seeing a pullback in angel&#x2F;seed.