Unicorns are seeing their valuations sliced, some by 40%, as tracked by European company Dealroom.co.

With less venture capital funding, some unicorns are suddenly having to reconsider their investment strategy.

In Europe, where tech startups employ more than two million people, 38% are pausing their hiring processes, according to a report from talent.io, a Paris-based recruitment firm.

This divergence between the overfunded unicorns and nimble startups represents a tale of two cities, according to Sim Desai, who oversees the secondary market at Setter Capital.

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