Waves of venture capital cash recede amid market turmoil

San Francisco

THE waves of cash surfed relentlessly by some of Silicon Valley's largest venture-backed businesses are showing signs of receding amid concern the companies may already be worth more than they're likely to be valued once they finally go public.

Investors have created 132 privately held companies valued at US$1 billion or more each, according to tracker firm CB Insights, including ride-hailing service Uber, accommodation service Airbnb and messaging app Snapchat. After a turbulent week for equities, prompted by worries about the faltering Chinese economy, it may take longer for companies aiming to join their ranks to raise multimillion-dollar funding rounds, and they may not get the investment terms they want.