The technology start-up market is "overheated", a top venture capitalist (VC) told CNBC, although he stopped short of saying it was in a bubble.
"We are seeing the market overheat," Fred Destin, a partner at venture capital firm Accel Partners, told CNBC in a TV interview. "I don't think Uber means it's a bubble, but I think we are seeing a lot of tension."
Last year, companies from taxi-hailing app Uber to accommodation website Airbnb and Chinese smartphone maker Xiaomi raised stunning amounts of money as venture capitalists, banks and institutional investors poured money into the hot technology sector.
"I think when people talk about bubble they tend to focus on the outliers – Uber, and maybe Bla Bla Car," said Destin. "I think that these do not signify a bubble because these companies go from a hundred million to a billion to 10 billion, but it's because they scale at the speed of the web and at the speed of mobile."