Global venture capital deal activity cooled in early October as investors grow cautious ahead of the U.S. Federal Reserve’s next rate decision. Deal volumes declined ~11% month-on-month, particularly in hot sectors such as AI, biotech, and Web3. Many startups are opting for bridge rounds over large fundraises amid valuation uncertainty. Analysts believe deployment will remain selective until greater macro visibility returns, potentially stretching exit timelines and dampening liquidity momentum for growth-stage firms.