CRV, a veteran venture capital firm, is breaking industry norms by returning $275 million of its $500 million fund, citing poor market conditions for start-ups.
The firm's partners noted that current valuations for start-ups are excessively high compared to their potential returns, prompting a significant shift in their investment strategies.
In a landscape marked by rising costs and dwindling investor enthusiasm, CRV's decision reflects a broader industry reset following the unprecedented hype during the pandemic.
Despite the current downturn in I.P.O.s and the overall tech market, there remains a burgeoning interest in artificial intelligence ventures, which contrasts sharply with other sectors.
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