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PitchBook-NVCA Venture Monitor

Q2 2022

PitchBook-NVCA Venture Monitor

July 13, 2022

Strong fundraising in Q2 a positive sign for VC market

The second quarter of 2022 saw a tighter investing environment for the US venture ecosystem. However, several areas of the VC market seem to be relatively unaffected thus far, including the earliest stages of venture, which continue to show strong dealmaking activity, and fundraising for large VC funds, which continue to attract interest from limited partners.  

The latest PitchBook-NVCA Venture Monitor, sponsored by Insperity and J.P. Morgan, details how dealmaking, exits, fundraising and valuations responded to venture investors reassessing their investment pace and strategies during Q2.

Key takeaways

  • More than 100 late-stage mega-deals were closed for the sixth consecutive quarter, but the final tally for Q2 is the lowest during that streak by roughly 26%. 
  • The IPO window was virtually shut in Q2 as VC-backed public listings reached a 13-year quarterly low.
  • Fundraising topped $120 billion for the second consecutive year, driven primarily by established managers across the US.

This report was created in partnership with NVCA and sponsored by Insperity and J.P. 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 8
Early-stage VC 10
Late-stage VC 13
Insperity 15
Regional spotlight 17
J.P. Morgan 18
Deals by sector 20
Venture debt 25
Female founders 27
Nontraditional investors 29
Exits 31
Fundraising 34
Q2 2022 league tables 36
Methodology 37