Founders are responding to the adjusted reality Valuation reset Layoffs Down rounds icon icon icon Median EV/NTM revenue There were over 185,000 20% of global venture multiple of public SaaS global tech layoffs in Q1 23, rounds raised in Q1 23 companies has fallen to with 6% in Europe, were down rounds - 3.6x 5.0x, below the long-term compared to almost higher than in Q1 22 average of 7.8x 165,000 in the whole of 2022 Source: Clouded Judgement, Layoffs.fyi, Carta CONFIDENTIAL