I think the biggest thing that I've noticed in the data is how much the leading VCs have kind of pulled back. Yeah. And how much they are more cautious they are about funding. So when we kind of build our leader folders, who's been the most active investor in the last quarter or in the last month, the numbers are very close to each other. Like they've led three rounds or they've led two rounds or they've, you know, so there's very few, whereas it used to be companies are leading 10 or 15 or just investing at a huge pace. So I think the biggest that ship that I've seen is kind of across the board, all of those most active firms and a lot of them were the multi stage firms like Sequoia and Andreessen and Tiger and Insight. But across the board, all of the whole investment class has become way more cautious and way more particular about where and who they're going to invest in. Yeah. So I think that's the biggest shift that I've seen and the numbers have obviously come down, which match that. But it's just seeing that pull back from these leading firms. And you know, has been quite stunning from what we saw in 2021.

Yeah. And I mean, for 2021 and 2022, I mean, for we saw like an unprecedented amount of venture capital activity, I mean, what did that whole period look like?

Yeah. So 2020. So what was interesting to me is if you go back to the beginning of 2020 in the pandemic, we did see in our data in the first quarter of 2020, we saw as the sort of pandemic reality was kind of hitting everyone and everyone thought, you know, what is going to happen? Are we going to hit a recession? What happens to the global economy? We did see like a little pullback just in very, very early in 2020. And then very quickly, it became clear to everyone is if everyone is going to be working from home and sheltering at home, all of the digital tools that had been built over the last decade, we're going to be used at a phenomenally massively more degree. And so very quickly, what we saw in 2020 is funding grew not massively, but it started shaping up. So every quarter, a quarter of a quarter in 2020, we saw funding go up. And then we hit 2021 and basically doubled from what we saw in 2020. So 2021, so over 600 billion. So I think in 2020, we had over 300 billion invested globally in venture backed startups. So we look at everything from seed early late venture and private equity into venture backed startups. So we do the kind of whole every single stage. So in 2020, I was north of, you know, 330 billion about in 2021. It was north of six, you know, close to 676, 80 billion went in. So just it basically sparked. And the stage that sparked the most was late stage.

Yeah. And like, how do you think? So it makes sense, like once we realize we were all going to be stuck at home, that there was this really attractive arbitrage around like digital tools, zoom and Netflix and Amazon and all these platforms and social, you know, like Clubhouse, like things to do while you're trapped at home. What did you like, how did that translate into then a doubling of venture capital? Because it seems like that was obvious in the beginning, but then it just turned into this like absolute carnival adventure across all categories. It was no longer grounded in like, are people going to use this service more because of COVID? It was just like venture capital was completely unleashed.

Yeah. So what I saw, what was interesting in the data in 2021 is, you know, late stage went up the most, it went up massively. And that was because the public markets were valuing tech companies at a much higher multiple. Sure. And so a lot of alternative investors like Tiger, Insight was already in bulk. But a lot of these alternative investors doubled down and thought, I want to get into every high growth private company now, because when I'm not going to be able to get that much when these companies got public and so I want to invest now. So all these alternative investors came into the market and started investing in those high growth later stage companies and anticipation of those companies going public. And then that impacted early stage because it meant that everyone was saying, well, you can raise so much at Series B and Series C plus we're going to put more money at Series A and Series B. And so you had more money going earlier and you even have these late stage people saying, we want to invest early too. We want to invest in the companies that are shaping up at Series A and then the seed stage grew as well because they thought, hang on a minute, if we fund a seed stage company that's in a sweet spot, they will go on to raise big rounds at Series A and B and go on. And so it's almost like every, it was a cascade, every single stage then grew massively in 2021. And you'd already seen some of that sort of tech stock growth in 2020, but it kind of trans, so it always takes a little bit more time for the private markets to react and get on board with things. And so it was growing in 2020. But when people saw, oh, this is more sustained, these public tech stocks are growing significantly in 2020, let's palm more money. And then so you really saw that left in 2021 in the public tech stock in private

tech markets. Yeah, it's interesting how fast it cascaded, right? I mean, I think, like, if you look at the reports, I think Robin Hood's a really interesting story of like one thing that happened when everyone was trapped at home, is this like massive, I don't know if Renaissance is the right word for a lot of people, I think it was the first time of this massive growth of retail participation in the public markets, especially around like hot, interesting tech stocks, which I think was very quickly identified as like a wide open tech IPO market. And then firms stepping into mez and late stage growth pre IPO rounds to arbitrage that and then growth stage firm seeing that like, there's firms who are throwing money at companies, and just how fast it got all the way down through the ecosystem. Um, like, have you seen, is there anything to compare this to? I mean, like, is it, I think people use the word unprecedented. Do you think it's unprecedented or is like, is there a similar cycle that we can compare this to or was it really truly unprecedented? How quickly everything cascaded through? And I mean, we saw a doubling of private market investments in a year.