Forget flat — small cuts are the new up

When venture markets flip from greed to fear, there’s a meme that goes around in startup circles that flat is the new up. It’s shorthand for the idea that in more difficult market conditions, a startup defending its prior valuation in a proximate venture round is as good as raising new capital at a higher valuation in better investing conditions.
The brutal repricing of tech companies in the last year has led to some notes — including from this publication — that we had once again found ourselves in flat = up territory. Today, however, the game looks a little bit different.
The Ex

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