The Global Enterprise capital slowdown is imminent. It’s just not as bad – but still – as many expected, leaving the world’s startup market in a strange position, forced to navigate waters that are somewhere between calm and stormy. An uncertain global macroeconomic future and rising interest rates do not help clarify the situation.

On a regional basis, however, a clearer picture emerges. In Latin America, for example, the company’s slowdown started earlier than in other regions — and has continued, according to recent data from Sling Hub and Crunchbase, two startup-focused data companies. So Latin America does not appear to be like Europe in the first quarter or the United States in the second quarter – regions where the general trend of declining value of venture capital transactions is either off track or has declined more slowly than expected.

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Despite some recovery in May, a report from the Latin America-focused Sling Hub platform points to a record low in June for the value of venture capital fundraising. What does that mean for the future of the region?