Fred Wilson just wrote an article, What Has Changed, in which he confirms the observation I made in a recent post (And then there were 100…) that Series A funding rounds are harder to obtain for consumer Internet companies.

VC funding of consumer web and mobile companies is down 42% in this first nine months of 2012 versus the first nine months of 2011. He gives a thoughtful explanation as to why that is:

1. The Internet has matured and the incumbent dominant consumer Internet platforms make it hard for new entrants to emerge.
2. The transition from the web to mobile is changing what it takes to succeed in the consumer web.
3. Momentum and late stage investors are now focusing on the enterprise market.

Read the article!