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PitchBook-NVCA Venture Monitor

Q1 2022

PitchBook-NVCA Venture Monitor

April 13, 2022

US VC remains strong while navigating market of uncertainty

Despite many data points remaining historically high, the first quarter of 2022 showed signs of a slowdown for venture dealmaking in the US, suggesting the onset of an imminent but healthy recalibration period. On the exit front, rising interest rates, inflation and geopolitical uncertainty contributed to a stark dip in the number of public listings. 

The latest PitchBook-NVCA Venture Monitor, sponsored by Insperity and JP Morgan, details how dealmaking, exits, fundraising and valuations responded to the changing economic climate during Q1.

Key takeaways:

  • Venture-backed companies attracted nearly $71 billion during Q1. Even though the figure was off pace from every quarter in 2021, it still exceeded pre-2021 quarterly totals.
  • Fundraising maintained the momentum of 2021, with 199 funds raising $73.8 billion in commitments.
  • Public listings slowed significantly from the highs of the past couple years, amid recent public market volatility. 

This report was created in partnership with NVCA and sponsored by Insperity and JP Morgan. Interested in sponsoring future editions of this report? Visit our media partnerships page to learn more.

Table of contents
Executive summary 3
NVCA policy highlights 4
Overview 5
Angel, seed, and first financings 8
Early-stage VC 10
Late-stage VC 12
Regional spotlight 16
Deals by sector 17
Insperity 21
J.P. Morgan 23
Venture debt 26
Female founders 28
Nontraditional investors 30
Exits 32
Fundraising 34
Q1 2022 league tables 36
Methodology 37