Startup down rounds are at a ten-year high, according to PitchBook data

fortune.com/2025/08/14/startup-down-rounds-are-at-a-ten-year-high-according-to-pitchbook-data

The soaring valuations of the early 2020s are, finally, coming back to earth.
This week, PitchBook data revealed that 15.9% of venture-backed deals in 2025 so far have been down rounds, marking a decade high. Additionally, almost every major IPO listing in Q2 hit the public markets below…

This story appeared on fortune.com, 2025-08-14 10:09:30.
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