Let’s look at the particular impact of the slowdown on each funding stage, which operate with different classes of investors. OpenAI’s $10 billion raise in January and Stripe’s $6.5 billion round last month make up the largest fundings to private venture-backed companies since 2019 - before the pandemic.ĭeal counts have shifted downward at each stage with a more dramatic shift as of Q3 2022. Quarter-over-quarter funding was flat, despite two of the largest fundings in these recent peak years raised this past quarter. This is in line with the amount of dry powder available in 2021, but investors that year were plowing the money rapidly into startups.ĭespite the record funds raised by investors, they continued to deploy capital at a slower pace in first-quarter 2023. “I’m really hopeful that this research will be received as a guide to help leaders answer this question, so that the array of options they have, such as increasing the paid maternity leave that they offer, or setting diversity targets, becomes easier to navigate in terms of linking initiatives to outcomes,” added Cross, who led the research.Despite the slowdown, investors in private companies still hold record amounts of dry powder, with around $580 billion as of the end of 2022, according to an estimate by James Ephrati of Lightspeed Venture Partners. “During 2020 the conversations I’ve had around diversity and inclusion in the workplace have moved from ‘Why is it important to include everyone?’ to ‘We know it’s important to include everyone, but how can we include everyone?” Maddy Cross, talent director at Notion Capital, said in a written statement. And, if there was a pattern of promoting women into senior roles, women tended to stay longer at those companies: 1.68 years for women versus 1.44 years for men promoted to senior roles. On a positive note, Notion’s research showed that 23 percent of female leaders had been promoted into the senior teams of their organization versus 19 percent of men. In the U.S., where paid maternity leave isn’t a legal right, unicorns that offer it have more female leaders and staff, and the female leaders stay longer.Unicorns with more female leaders boast more women in the entire organization: On average 21 percent of leaders at B2B unicorns are women, while women make up only 34 percent of the overall staff population.Male leaders stay at unicorns twice as long as female leaders: The study found that the average tenure for female founders is just 1.78 years, while the average tenure for male leaders is 2.66 years.Here are some key findings from the report: A “unicorn” is a company that reaches $1 billion in valuation.Īt the same time, Notion reported that just 1 in 5 B2B tech unicorns include women on their leadership teams. 2, we reported that there are 630 private active unicorns in our database that have collectively raised more than $450 billion and are valued at just under $2 trillion. New research from London-based venture fund Notion Capital confirms what we already know: More startups are becoming unicorns, but few have women at the helm.
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