📶 signs of strength for early-stage VC

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Good morning 👋

It feels like we’re finally starting to be back as an asset class:

• Founders Fund closed a $4.6b new growth fund

• Companies are raising $2b pre-product

• Secondaries and SPV volume is up

Not saying that all of these are positive signals, but it at least shows that capital flowing back into venture.

Speaking of which, we’re breaking down some AngelList data on median valuations for early-stage companies today.

Let’s get into it …

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Today’s highlights

• Data on early-stage valuations YoY

• Morgan Stanley is entering privates

• Discounts on some of the best tools we use every day