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PitchBook-NVCA Venture Monitor

Q4 2022

PitchBook-NVCA Venture Monitor

January 11, 2023

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VCs say goodbye to all that for Q4 2022 

For VC in 2022, it was the best of times, and it was the worst of times. Momentum from the 2021 highs carried through many areas of the venture market, even as figures faded throughout the year. While fundraising reached record highs, nearly 75% of the commitments were closed in Q1 and Q2. Fourth-quarter deal count was roughly 25% lower than Q1, yet it remains higher than any quarter prior to the 2021 mania.  

The latest PitchBook-NVCA Venture Monitor, sponsored by Insperity, J.P. Morgan and Dentons, details the data behind these dizzying trends: 

  • Q4 exit activity topped off at $5.2 billion, the lowest quarterly total in more than a decade, capping off a staggering 90.5% decline in annual exit value.  
  • Fundraising reached annual highs, exceeding $160 billion, despite a lull at the end of 2022.  
  • Early- and late-stage deal activity both continued their slides in Q4, while venture debt remained high.  

Table of contents
Executive summary 3
NVCA policy highlights 4
Overview 5
Angel and seed 8
Early-stage VC 10
Late-stage VC 13
Venture growth 15
Insperity 17
Regional spotlight 19
J.P. Morgan 20
Deals by sector 22
Venture debt 27
Dentons 29
Female founders 31
Nontraditional investors 33
Exits 36
Fundraising 38
Q4 2022 league tables 40
2022 league tables 41
Methodology 42