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Like most firms, Addition has significantly cut the pace of its dealmaking, per Crunchbase data. It made 54 deals in 2021, but that number fell to only 29 last year.
So far this year, it has taken part in only six funding deals.
Bucking a trend
Addition’s decision to raise a new fund comes even as some big-named firms have slashed their fundraising targets.
Earlier this week, it was reported New York-based Insight Partners has significantly cut the $20 billion target for its latest fund — while also saying it would slow down its pace of dealmaking — and has raised only about $2 billion for the fund.
In February, Fixel’s previous employer, Tiger Global, had reduced the target size for its latest venture fund to $5 billion — down from a $6 billion target it set last fall and down more than 50% of what the firm anticipated raising earlier last year, according to a report in The Wall Street Journal.
Those cuts come as the venture market has continued to tumble from its 2021 highs. Global venture funding in 2022 hit $445 billion — marking a 35% decline year over year from the $681 billion invested in 2021 — according to an analysis of Crunchbase data.
Those numbers have continued to decline into 2023.
Illustration: Dom Guzman
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