As the United States entered its first wave of COVID-19 lockdowns, there were wide expectations in startup land that a reckoning had arrived. But the expected comeuppance of high-burn, high-growth startups fueled by cheap capital provided by venture capitalists raising ever-larger funds, failed to arrive.
Instead, the very opposite came to pass.
Layoffs happened swiftly and aggressively during the early months of the pandemic era. But by the middle of Q2, venture activity had warmed and third quarter dealmaking felt swift and competitive, with some investors describing it as the hottest summer in recent years.
Venture capital as an asset …
