Scoop: Layoffs hit startup stock marketplace EquityZen
EquityZen, a New York-based marketplace for startup equity, last week laid off 27% of its 110-person workforce, Axios has learned and the company confirmed.
Why it matters: EquityZen significantly grew its team last year as the market boomed, but now is adjusting to much less demand from accredited investors (its primary customers) for startup stocks.
The big picture: Estimated venture capital deal count in Q3 2022 is down by almost 20% from the record high in Q1, and is the lowest since Q4 2020, per Pitchbook. VCs invested $43 billion across all stages, a nine-quarter low.
- The total VC dollars invested in late-stage companies in Q3 was down 48.3%, and set a record 11-quarter low.