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According to PitchBook’s annual report, venture capital funding has peaked and is now headed lower. After concerns over rising valuations and constant streams of unicorn births began to arise in 2014, PitchBook notes that investors finally started to become cautious in the space in the second half of 2015.

The number of U.S. venture rounds closed plunged 25.8 percent from Q2 to Q4 2015. However, editor Garret Black notes that there was still an incredible amount of activity on the year.

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