Some startups also found success: LoanSnap, a mortgage, HELOC and refinancing tech company, recently announced that it had completed a $10 million fundraising round, shortly thereafter zero-fee charitable giving app Charityvest closed a a $1.1 million seed fundraising round, and in early may, Vise, a wealth management platform blending direct indexing capabilities with AI, announced that it had raised $14 million in Series A funding as it emerged from stealth.

As it turns out, volatility can even be good for startups, despite pessimism over their near-term fundraising prospects. According to a commonly cited study from the Kauffman Foundation, 57% of Fortune 500 companies were founded in a bear market or recession.

“Part of why we raised this funding is that we wanted to show a good front with the market uncertainty and that we’re there for our clients at will be able to support them,” said Samir Vasavada, co-founder and CEO of Vise. “This funding enables that, and it allows us to continue to be aggressive about rolling out products, service more advisors, hire a bigger team, get more outreach and offer more product and sales support.”

The outbreak may end up tamping down on IPOs for longer than expected, as well. During the 2008 and 2009 global financial crisis, the number of IPOs per year declined precipitously from their pre-crisis levels.

Yet there were still plenty of exit opportunities and some huge deals during the first quarter, led by Intuit’s $7.1 billion acquisition of CreditKarma, and Visa’s $5.3 billion purchase of Plaid, but merger and acquisition activity has slowed in the second quarter and is expected to remain muted over the short-term.

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