A new report from CB Insights and KPMG claims that the amount of global venture-capital investment in the second quarter of 2016 was up 3% year-on-year to $27.4bn.

Good news, right? Well, there’s a caveat: that growth was fuelled by what CB Insights’ Anand Sanwal describes as “mega deals: massive dollars to Uber, Didi, really are what skew the numbers”. So, VC funding may actually be down for companies that aren’t “decacorns” – the faintly ridiculous title for startups valued at more than $10bn (10 ‘unicorns’) like Uber and Snapchat. For some more data on the market below that, in the US at least, click the second link, to TechCrunch’s report on some new figures from its CrunchBase spin-off. It reports that there were 499 Series A funding rounds in the US in the first half of 2016, for $4.6bn of total funding – down from 566 rounds and $4.9bn in the first half of 2015. Series B rounds have also shown a decline on both metrics.

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