As I reported Saturday, venture capitalists experienced a very poor second quarter. The industry’s trade association said Tuesday that for the first time since 1978, not a single venture-backed company went public in the quarter.
From the perspective of the venture capital industry, it turns out that the news was worse than I reported.
The other bad news was the industry’s disclosure early Monday morning that acquisitions of venture-backed companies are down sharply too. In the second quarter, 50 merger and acquisition deals of venture-backed companies were completed. That’s down from 70 in the first quarter.