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Q2 2023
PitchBook-NVCA Venture Monitor
July 12, 2023
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Startups, investors tighten belts another notch
The PitchBook-NVCA Venture Monitor, sponsored by Insperity, J.P. Morgan, and Dentons, captures how investors and founders are reshuffling their priorities to buy time and identify high-impact innovations as the market tightens further.
Takeaways include:
Table of contents
Startups, investors tighten belts another notch
The PitchBook-NVCA Venture Monitor, sponsored by Insperity, J.P. Morgan, and Dentons, captures how investors and founders are reshuffling their priorities to buy time and identify high-impact innovations as the market tightens further.
Takeaways include:
- Raising capital is now markedly more difficult even at the seed stage, where quarterly deal value declined 26.3% from the prior quarter.
- Trapped capital continues to build in mature startups: Just $12 billion of exit value was realized in the first half of the year, with Q2 deal value coming in at a decade low.
- There are now 50,000 VC-backed companies, double 2016 levels, demonstrating the risks of a prolonged capital shortage.
Table of contents
| Executive summary | 3 |
| NVCA policy highlights | 4 |
| Overview | 5 |
| Angel and seed | 9 |
| Early-stage VC | 11 |
| Late-stage VC | 14 |
| Venture growth | 16 |
| A word from Insperity | 18 |
| Regional spotlight | 20 |
| A word from J.P. Morgan | 21 |
| Deals by sector | 23 |
| Venture debt | 29 |
| A word from Dentons | 31 |
| Female founders | 33 |
| Nontraditional investors | 35 |
| Exits | 39 |
| Fundraising | 42 |
| Q2 2023 league tables | 45 |
| Methodology | 46 |