Venture Monitor Q4 2023 (National Venture Capital Association (NVCA))
Summary
- Total US VC deal value reached $170.6 billion in 2023 across an estimated 13,637 deals, representing a drop of $71.6 billion from 2022.p.6
- Late-stage VC deal activity tallied $80.4 billion across 4,305 deals in 2023, down from $94.0 billion across 4,687 deals in 2022.p.15
- Full-year 2023 exit activity hit a decade low with $61.5 billion generated across an estimated 1,129 exit events.p.35
- US VC fundraising dropped to a six-year low of $66.9 billion raised across 474 funds in 2023.p.37
Key insights
- Outlier investments in Anthropic and OpenAI totaled nearly $17 billion, accounting for 10% of total annual US VC deal value in 2023.p.6
- In 2023, $1 out of every $3 invested in the US VC market went into AI companies, representing roughly 20% of total deals.p.6
- The inventory of active private VC-backed companies in the US reached more than 54,000 by the end of 2023.p.7
- Seed-stage startups backed by large investors demonstrated a 72.4% rate of raising a subsequent round, compared with 62.1% across the broader market.p.10
- The share of early-stage venture rounds at or above $10 million declined from 42.0% in 2022 to 36.1% in 2023.p.13
- Venture-growth stage mega-rounds fell 71.4% from 266 deals in 2021 to 76 deals in 2023.p.18
- Crossover investors participated in 1,046 rounds in 2023, representing a 50.0% decline from 2022.p.29
- Corporate venture capital participation dropped to 23.3% of US VC deals in 2023, its lowest proportional level since 2014.p.30
- Established managers captured 75.3% of all capital raised by US VC funds in 2023.p.37
- US VC dry powder reached a record high of $302.8 billion, with 57.5% concentrated in funds with commitments of $500.0 million or more.p.37
Topics and entities
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