EquityZen’s Phil Haslett on how startup valuations can regain their moxie

And why Instacart did its fellow unicorns a solid by repricing

It’s the first of Y Combinator’s two-day Demo Day event, which means that TechCrunch will spend most of our working hours watching startup demos and tracking how many companies from the batch are in particular sectors and geographies. The early-stage startup market is active and — as formerly late-stage-focused funds look to invest earlier — still awarding attractive valuations to nascent technology upstarts.

Later-stage startups aren’t being afforded similar enthusiasm, with investor notes and data indicating that from Series B onward — and perhaps earlier in some cases — valuations are tightening as investors look to falling public markets as an indication that exit prices will be smaller than previously anticipated. A closed IPO market and antitrust vibes from U.S. and European governments potentially limiting big-ticket M&A aren’t helping.