Lucy Rodgers

In 2022, unicorn companies — start-ups with a market valuation of $1bn or more — attracted $131.6bn of funding worldwide, less than half the capital raised a year earlier, according to Crunchbase data. Unicorns have raised just $42.1bn this year. An economic downturn and higher interest rates have weighed on investor sentiment for fledgling companies. Many start-ups are burning through their reserves and venture capitalists are struggling to raise cash for illiquid private tech funds. Silicon…