If you’re looking for proof that the private tech market has chilled, consider this. The number of highly valued private tech firms raising new rounds of financing dropped by 63% to 11 in the first quarter. And average valuations in fundraisings grew only 35%, down sharply from 152% averaged in the fourth quarter.

Fundraisings that were done since the end of last year also came at a cost of tougher terms. Twenty-six percent of companies that raised money in the fourth and first quarters agreed to protect investors from losing money in any subsequent public offering, up from 19% in the three quarters before that.