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Q3 2023
PitchBook-NVCA Venture Monitor
October 11, 2023
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Table of contents
VC continues to stumble through 2023
The Instacart and Klaviyo IPOs were a good start, but the VC market isn't out of the woods yet, according to the Q3 2023 PitchBook-NVCA Venture Monitor, sponsored by Insperity, J.P. Morgan, Dentons, and Deloitte. Total exit value remains at an extreme low despite signs of an IPO-market thaw.
The GPs still deploying capital have slowed their activity dramatically, keeping dry powder close. In turn, capital availability is in decline, taking the market further into investor-friendly territory. That’s unlikely to change until exits rebound, but with the IPO backlog sitting at around 75 companies, 2024 may make for a busy year.
Table of contents
| Executive summary | 3 |
| NVCA policy highlights | 4 |
| Overview | 6 |
| Pre-seed and seed | 10 |
| Early-stage VC | 12 |
| A word from Insperity | 14 |
| Late-stage VC | 16 |
| Venture growth | 18 |
| A word from J.P. Morgan | 20 |
| Regional spotlight | 22 |
| Deals by sector | 24 |
| Female founders | 30 |
| A word from Dentons | 32 |
| Nontraditional investors | 34 |
| Exits | 36 |
| A word from Deloitte | 38 |
| Fundraising | 40 |
| Q3 2023 league tables | 43 |
| Methodology | 44 |