https://techcrunch.com/2023/05/03/down-rounds-are-prevailing-as-power-shifts-to-vcs-again/

It appears things are not going well for startups these days.

Down rounds, or a funding round in which a startup raises capital at a lower valuation than its last investment, have become more common than the venture community has seen in nearly half a decade. According to data from Carta, down rounds nearly quadrupled in number in Q1 2023 compared to a year earlier.