The New York Times reports “There’s a lot of anxiety about the future of the middle class in America. There should be in Silicon Valley, too, but in a different sense: It’s getting harder to see much of a future for midrange venture capital firms and midsize tech companies.
As Katie Benner writes, a venture firm called Technology Crossover Ventures just raised a $2.5 billion fund. That is more than 25 percent of the $8.8 billion raised across the industry in the second quarter of this year. It’s not that TCV alone will dominate the industry, but rather that there is now an intense concentration of power in a few firms. And it is happening just as there is an intense concentration of power in — and acquisition of new companies by — a few tech companies.” Read More