Several high-flying startups are being brought down to earth, as a recent carnage in global equity markets and lackluster demand for new listings force companies to raise funds at a substantial discount to their sky-high valuations.
In the United States alone, 81 U.S. companies had to take a hair cut to their valuation, data from PitchBook showed. That gives little room for private investors, including venture capitalists firms, to plan their exits and cash in on their investments, prompting companies to opt for even lower valuations in order to attract fresh funds.
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