The place valuations for tech firms stand now, in 3 charts

That’s beginning to change.

New data launched this morning from CB Insights showcases how the warning we’ve been listening to about available in the market may be very actual and is seeping via the cracks into precise numbers. Median tech valuations have been down throughout almost each stage within the third quarter—to the tune of virtually 29% in comparison with the second quarter of this yr, per CB Insights. The impression has been most pronounced on late-stage offers, the place the median valuation fell by 50% (womp womp). 

Enterprise capitalists proceed to take fewer dangers on the time period sheet, negotiating stronger draw back safety. Of the offers that closed this quarter, 13% of late-stage offers had capped or partial participation, that means buyers negotiated the best to not solely get their funding again within the case of liquidation but in addition a reduce of the remaining proceeds. That’s twice the variety of offers through which buyers negotiated these phrases final calendar yr.

Normally, it’s value remembering that the numbers are nonetheless sturdy, significantly whenever you have a look at the year-over-year figures. In spite of everything, the numbers solely grow to be official when there’s a proper funding occasion or exit. Offers are nonetheless getting carried out and, aside from some very-public cases, we haven’t seen many firms report a downround. However the market has slowed down typically, there aren’t as many offers attending to the end line, and startups are turning to debt for brand new money.

Right here’s what we’ve realized from the previous few months, in 3 charts:

Not-very-happy toes… Yesterday a federal decide shut down Penguin Random Home’s tried behemoth acquisition of competitor Simon & Schuster—a win for an aggressive Justice Division that hasn’t shied away from taking massive swings this yr. The deal would have given PRH management of almost half of all top-selling titles, the division had argued, and would have harmed competitors throughout the e-book trade. The three-week antitrust trial this summer season had become a well-publicized exposé of the interior workings of a extremely aggressive, jargon-heavy trade, even drawing Stephen King to testify (I’m studying Salem’s Lot proper now, for what it’s value—Pleased Halloween!). Perhaps somebody ought to write a e-book about the entire affair.

I’ve some information to share… Yesterday, we came upon that Time period Sheet has gained an EPPY award for Finest Enterprise and Finance Weblog amongst publications with greater than 1 million distinctive guests. What an honor! Thanks for tagging alongside on this journey with me and the Time period Sheet crew this yr. It takes a village to place out this article, so I simply need to take a second to thank Jackson Fordyce for his onerous, tireless work and endless enthusiasm with this offers part, Ashley Sylla for her subject-line prowess and data-crunching expertise, Jack Lengthy for his line-editing genius, Lee Clifford for her every day fabulous modifying (typically late at night time or into the mornings), and Anne Sraders, who has made my life 10 occasions simpler since hopping on board and has introduced her contemporary perspective and thorough reporting into your inboxes. And a particular shout out to Kevin Kelleher and Lucy Brewster, who’ve made it doable for me to take day off this yr. 

Most of all, due to you—on your endurance as I study the thrilling and opaque world of the personal markets, for stating my grammar errors, for sharing your insights and your tales, for being welcoming, and for being weak. Thanks for merely opening up my publication—even when I’m writing about getting a flat tire or divulging the learnings from an SEC submitting I stayed up till 1 a.m. parsing via the night time earlier than. Time period Sheet readers are really the perfect within the enterprise.

And now for this month’s cartoon…

See you tomorrow,

Jessica Mathews
Twitter: @jessicakmathews
E-mail: jessica.mathews@fortune.com
Submit a deal for the Time period Sheet publication here.

Jackson Fordyce curated the offers part of right now’s publication.

VENTURE DEALS

– Bright Machines, a San Francisco-based software-based manufacturing firm, raised $100 million in Collection B funding led by Eclipse Ventures. 

– Qwick, a Phoenix-based staffing platform for hospitality companies and professionals, raised $40 million in Collection B funding. Tritium Companions led the spherical and was joined by buyers together with Album VC, Kickstart, Desert Angels, and Revolution’s Rise of the Relaxation Seed Fund.

– Money Fellows, a Cairo-based fintech platform that digitizes cash circles, raised $31 million in Collection B funding. CommerzVentures, Center East Enterprise Companions, and Arzan Enterprise Capital co-led the spherical and have been joined by buyers together with Invenfin, Nationwide Funding Firm, Partech, Sawari Ventures, 4DX, and P1Ventures.

– Braavos, a Tel Aviv-based good contract-based pockets agency, raised $10 million in funding. Pantera Capital led the spherical and was joined by buyers together with Highway Capital, BH Digital, DCVC, Crypto.com, Matrixport, and Starkware. 

– Rewind.ai, a remote-based search engine platform, raised $10 million in funding. Andreessen Horowitz led the spherical and was joined by buyers together with First Spherical Capital and others. 

– Software Defined Automation, a Boston and Munich, Germany-based industrial-control-as-a-service (ICaaS) supplier for automation engineers, raised $10 million in seed funding. Perception Companions led the spherical and was joined by buyers together with Baukunst VC, Fly Ventures, and First Momentum. 

– Vizit, a Boston-based picture analytics software program firm for manufacturers and retailers, raised $10 million in Collection A funding. Infinity Ventures and Model Foundry Ventures the spherical and have been joined by buyers together with eGateway Capital, Lakefront Companions, Lubar & Co, and others.

– GoodShip, a Nashville and Seattle-based collaboration platform for the provision chain trade, raised $2.4 million in funding. FUSE led the spherical and was joined by buyers together with Cercano Administration, Flexport Fund, Innovation Endeavors, Sope Creek Capital, Kindergarten Ventures, and different angels. 

– SURI, a London-based toothbrush startup, raised £2 million ($2.29 million) in seed funding. Hambro Perks and JamJar Investments invested within the spherical. 

PRIVATE EQUITY

– Blackstone agreed to amass a majority stake within the local weather applied sciences arm of Emerson Electric, a St. Louis-based know-how, software program, and engineering firm. The deal is valued at about $14 billion. 

– An investor group led by Littlejohn & Co. acquired Lipari Foods, a Warren, Mich.-based specialty meals distributor. Per phrases of the deal, the Lipari household, administration, H.I.G. Capital, and Sterling Funding Companions will retain a minority stake. Monetary phrases weren’t disclosed. 

– Decision Economics, a portfolio firm of Levine Leichtman Capital Companions, acquired Berkshire Associates, a Columbia, Md.-based supplier of affirmative motion plan consulting and human useful resource compliance companies. Monetary phrases weren’t disclosed.

– Stronger Youth Manufacturers, backed by Susquehanna Personal Capital, acquired Little Kickers, a London-based youth soccer packages franchisor. Monetary phrases weren’t disclosed.

FUNDS + FUNDS OF FUNDS

– Streamlined Ventures, a Palo Alto-based enterprise capital agency, raised $102 million for its fifth seed fund centered on tech startups utilizing knowledge science, A.I., software program automation, APIs, and Internet 2.5. 

PEOPLE

– GTCR, a Chicago-based personal fairness agency, promoted Luke Marker, Stephen Grasp, and KJ McConnell to managing director.