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PitchBook-NVCA Venture Monitor

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
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