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The US Seed Market Is Not Burgeoning
There's more than 20,000 or so seed companies now. I think the entire market finally says that seed now too,. It just had to slow down, right? And that investment pace from 2021 where GPs are coming back to LPs faster and companies were coming back to raise capital just over a year after their previous round is way too fast. So we're seeing deal activity kind of plateau, but if we were to hit a kind of worst economic moment or hit a recession or if inflation jumps back up, I feel like the deal activity is pretty precarious.