Search fund acquisition targets have historically been small 10M-80M EBITDA targets in often obscure or traditional industries, often bought from an older generation. With the recent tech crash, however, there are a number of VC backed companies that are fairly new which are basically on the line this year. Many VCs are even asking some of their companies for their money back and a "graceful" exit.

Question - do folks here see any upside for searchers who would want to acquire a startup which can't raise a series B or C? Clearly a company with no product/market fit is not desirable, but perhaps there is something to salvage once you take out the enormous burn-rate incurred by many of the more irresponsible startups? Interested to hear what people think.