By the end of the first quarter of 2023, fundraising momentum of 2021 had all but evaporated, with a paltry $11.7 billion closed across 99 funds in the U.S....
The venture funding spigot, which gushed like a fire hose in 2021 and early 2022, is all but drip-drip-drip now.
By the end of the first quarter of 2023, the fundraising momentum that began in 2021 had largely evaporated, with $11.7 billion closed across 99 funds in the U.S. — on track for the worst performance since the fourth quarter of 2017, according to a PitchBook-NVCA Venture Monitor report issued late Wednesday. Late-stage deal value declined for a seventh straight quarter.
Max Navas, another PitchBook analyst who worked on the report, added: “The sluggish pace of fundraising for emerging and first-time fund managers could be a precursor to formidable fundraising experiences through the end of the year.” Silicon Valley Bank’s collapse in March was not immediately visible in the data, but it was “another unneeded pressure on the market” and could “exacerbate the capital availability problem,” Harrison said. “Liquidity is becoming even more paramount.”
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