Jörn "Joe" Menninger

speaker

1,749 appearances 8 recordings 1 series first heard May 2026 last heard 13 Aug

Jörn "Joe" Menninger’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 8 in all, peaking in Jun 2026 with 3.

newest first · ▶ plays the moment

This was not a recession story.

This was a separation story.

The correction did not just shrink the market.

It separated companies that depended on cheap capital from companies that could survive a more selective environment.

Funders who had raised on the assumption that following rounds would always be easy discovered that they would not.

Investors who had pushed valuations up in 2021 found

that those same valuations were now a liability for the next round, not really an asset.

By late 2022, even before the language stabilized, the structural question had already opened up.

Once cheap capital is gone, what kind of venture capital market do you actually have?

That's the question we're now finally in a position to answer with three full years of post-correction data.

2025 stabilization, but not victory.

Here is what post-correction market actually looks like.

KfW reports the full year 2025 at 7.2 billion euros.

The first quarter of 2026 came in at 1.7 billion.

6% above the same quarter last year, but 15% below the fourth quarter of 2025.

Sideways.

KfW itself describes it as a sidewetsbewegung, meaning a sideways movement.

EY telling a slightly different story.

EY numbers for 2025 is almost 8.4 billion euros.

A 19% increase versus 24%.

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