…in a letter sent to its investors Friday, a copy of which was obtained by VentureBeat, the firm made a surprising about-face. It told the investors it had decided there is “too much money,” “too many deals funded in almost every conceivable space,” and a “terribly weak exit environment.” Moreover, it sees no changes in the foreseeable future.
The story was broken by the Times (covered here by Stowe) and used as a peg to wonder aloud: is VC model working anymore?