Avery Pennarun started fundraising early this year for the company he co-founded, the virtual private network provider Tailscale.

“I think there [were] the beginnings of hints of, ‘Things were coming,’” said the CEO, whose company last week announced a US$100-million Series B raise, making noise in an increasingly subdued venture capital market. “People were definitely starting to get worried by the time we actually signed our term sheet.”