I have been speaking to a number of VCs in the UK and Europe. The refrain is consistent. Funds know the window for taking their startups public has closed for a while, thus they will likely need to plan to do another round of investment into their existing portfolios. As a result, funding for new startups will be reduced.
The New York Times reported this trend taking shape in real numbers today.
While the Times reports that the next choice of funding - Angels - might shut down. In conversations I have had more recently, it seems many Angels had pulled out of the market earlier, and/or are open to investing regardless. I guess we will have to wait and see as to what the data really says.
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