Venture capital funding plunges almost 75pc in a year

Volatile financial markets are still wreaking havoc on start-ups that are trying to raise capital, forcing them to cut staff and look for smaller cash injections to ride out the venture funding slowdown.

Australian start-ups raised $471 million in September across 34 deals, down from a record $1.8 billion across 71 deals for the same month in 2021, new figures from start-up research group Cut Through Venture show.