As venture capital funding dropped 12 percent in the last quarter, it’s not easy for new venture capital firms to raise capital, Quartz reports. Investment usually goes into more established firms, like First Round Capital and Andreessen Horowitz, according to the article.
First Round Capital participated in a $6 million round for Palo Alto, Calif. FundersClub, a crowdfunding platform founded by former Wharton undergrads. It’s the largest seed round for a Y Combinator startup, MedCity News reports. The firm also participated in a $23 million Series C round for HotelTonight, a hotel booking app based in San Francisco.
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