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PitchBook-NVCA Venture Monitor

Q3 2022

PitchBook-NVCA Venture Monitor

October 12, 2022

US VC sends mixed signals as deal activity and fundraising diverge 

The third quarter of 2022 saw a less resilient venture landscape in the US compared with the first half of the year. Deal activity across all stages recorded signs of distress, and the market continued to become increasingly consolidated with fewer exits than at any time in recent history.

Dry powder remains at the highest level in our dataset, after years of record fundraising. This capital will help support seed and early-stage investment, but it is not likely to come to the rescue of highly valued, late-stage companies that are seeing an enormous decline in capital availability.

The latest PitchBook-NVCA Venture Monitor, sponsored by Insperity and J.P. Morgan, details how dealmaking, exits, fundraising and valuations responded to rising interest rates and complicated macroeconomic trends during Q3.

Key takeaways:

  • Venture-backed companies collected nearly $43 billion during Q3. The figure is below the heights of 2021 and early 2022 but above historical averages—representing a durable, positive trend in the industry.
  • On the exit front, there have been just 59 public listings so far this year, compared with 303 in 2021 and 145 in 2020.
  • While overall fundraising figures are strong, established managers received the lion’s share of commitments while emerging GPs struggled. 

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 33
Q3 2022 league tables 35
Methodology 36