| Hi, Agen. New unicorns are becoming rarer. In the month of July, just two startups crossed the $1 billion valuation threshold to join The Crunchbase Unicorn Board for the first time. This pace marks a big shift from 2021, when the average was more than two unicorns per work day. Only two companies joined The Crunchbase Unicorn Board in July — the lowest monthly count since we started tracking new unicorn pacing by month at the beginning of 2020. Both new companies are in the Web3 sector, and neither are from the U.S. In the startup space, fierce rivalry does not always translate into success for the fiercest. Using Crunchbase data on unicorn rounds, we put together a list of sectors, from groceries to used cars, in which startups raised gobs of cash without yet producing an emergent winner or winners. Check out The Crunchbase Billion-Dollar Exits Board, a curated list of U.S. startup exits — IPOs, SPACs, mergers and acquisitions, and other deals — valued at $1 billion or more, powered by Crunchbase’s comprehensive data. “Dry powder,” otherwise known as the amount of money limited partners have committed to venture capital funds, has piled up to historically high levels. That’s either a positive signal for startups or it means nothing. Equidam’s Dan Gray explains how to tell the difference. | 
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