Is Classmates.com cutting back?

We're hearing that Classmates.com, which in August announced plans to move its 239-person staff from Renton to Seattle, is trimming the workforce. A spokeswoman at the company, a unit of United Online, declined to comment.

There's been a lot of chatter about Accel Partners raising two new funds totaling $1 billion in a tough economic climate. The Silicon Valley firm has been around for more than 25 years, backing companies such as RealNetworks, XenSource and Facebook. Its recent bets in the Seattle area include Wetpaint and Medio Systems. [More after the jump]

Kartik Raghavan has left the Bellevue venture capital firm Trilogy Equity Partners to become an entrepreneur-in -residence at Shasta Ventures, a 4-year-old Silicon Valley venture firm with $460 million under management. Before Trilogy, Raghavan spent 10 years at Microsoft.

Not a huge surprise here. The global market for initial public offerings has been cut in half compared to last year, with Ernst & Young reporting that for the first 11 months of the year 745 IPOs were completed totaling $95.3 billion. That compares to 1,790 IPOs and $257 billion raised for the same period last year. All Things D says it is looking like one of the worst periods for IPOs in the past 13 years .

Headline of the day comes from Fierce Wireless: "Santa, please save Sprint Nextel."