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Q4 2023
PitchBook-NVCA Venture Monitor
January 10, 2024
The summary XLS for this report was reuploaded on March 27, 2024, to reflect an update to a chart in the AI & ML sector tab.
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VC 2023: Is the worst yet to come?
There’s no question that VC has had a tough 12 months. But despite the $71.6 billion less capital invested in the asset class than in 2022 ($88 billion if you leave out OpenAI’s and Anthropic’s behemoth rounds), sunnier skies are ahead.
VC deal count was still higher in Q4 2023 than in any quarter in the pre-2020 days, while public markets finished up for the year, according to the Q4 2023 PitchBook-NVCA Venture Monitor, sponsored by J.P. Morgan, Dentons, and Deloitte.
On the one hand, the IPO backlog keeps lengthening, but on the other, the market is awash with dry powder—and many expect that economic uncertainty will lessen, thus bringing the market back into a stable state.
Table of contents
Interested in sponsoring future editions of this report? Visit our media partnerships page to learn more.
VC 2023: Is the worst yet to come?
There’s no question that VC has had a tough 12 months. But despite the $71.6 billion less capital invested in the asset class than in 2022 ($88 billion if you leave out OpenAI’s and Anthropic’s behemoth rounds), sunnier skies are ahead.
VC deal count was still higher in Q4 2023 than in any quarter in the pre-2020 days, while public markets finished up for the year, according to the Q4 2023 PitchBook-NVCA Venture Monitor, sponsored by J.P. Morgan, Dentons, and Deloitte.
On the one hand, the IPO backlog keeps lengthening, but on the other, the market is awash with dry powder—and many expect that economic uncertainty will lessen, thus bringing the market back into a stable state.
Table of contents
| Executive summary | 3 |
| NVCA policy highlights | 4 |
| Overview | 6 |
| Pre-seed and seed | 9 |
| A word from J.P. Morgan | 11 |
| Early-stage VC | 12 |
| Late-stage VC | 15 |
| Venture growth | 18 |
| Regional spotlight | 20 |
| A word from Dentons | 21 |
| Deals by sector | 23 |
| Female founders | 27 |
| Nontraditional investors | 29 |
| A word from Deloitte | 31 |
| Venture debt | 33 |
| Exits | 35 |
| Fundraising | 37 |
| Q4 2023 league tables | 40 |
| 2023 league tables | 41 |
| Methodology | 42 |