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It’s easy to assess listed index performance and see that 2022 has been a bear market, with equities down sharply and even the  resources index on the JSE having given up nearly all its year-to-date gains. It’s not as easy to think about the downstream impact on the private market, in this case the venture capital ecosystem, as you can’t pull that up as a stock code.

I’m seeing founders on Twitter panicking about liquidity drying up, particularly for the Series C rounds and later. This feedback from the coalface is as close as you’ll get to a stock code in this space...

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