In 2016, the future looked bright for tech companies outside of Silicon Valley.
American investors were suddenly waking up to opportunities overseas, and allocating money accordingly. Venture firms that had once focused almost exclusively on Silicon Valley were now chasing deals in Beijing, Bengaluru, Jakarta, and São Paolo — kicking off a nearly decade-long golden age for global startups. That year, for the first time, private companies outside the U.S. raised more than American…

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