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PitchBook: 3,200 startups have gone out of business this year, and $27 billion in venture capital has been wasted
According to data from startup tracking agency PitchBook, 3,200 startups have gone out of business in 2023, and before they went bankrupt, they raised a total of more than 27 billion US dollars in venture capital funds. According to Ernst & Young (EY), this figure is close to what startups raised from venture capital in the third quarter of 2023 ($29.8 billion). However, the $272 billion figure probably underestimates the true scale of money burning, as many companies will go out of business without any publicity. Notably, this figure does not include significant losses for publicly traded companies or companies that have been acquired.