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The State of U.S. Early-Stage Venture & Startups: 2022

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The State of U.S. Early-Stage Venture & Startups: 2022

Venture performance declined slowly, and then suddenly in 2022.

Writer, AngelList

Matthew Speiser

Published

January 18, 2023

After a historic 2021, venture performance declined in 2022.
Activity rate and positive activity rate declined by 5 percentage points in 2022 over the previous year.
The decline in positive activity was particularly pronounced in the second half of the year, with only 67% of startups raising at a valuation increase in 4Q22—a 17 percentage point decline from the beginning of the year.
Median valuations grew year-over-year, but trended downward in the second half of 2022.
Fintech remained the most popular sector for investment on AngelList in 2022, followed by Web3.
Startup spend continued to decline in 4Q22 as market conditions for early-stage startups worsened.
Read all our findings in our 2022 State of U.S. Early-Stage Venture & Startups report.

2022 began with fears of a downturn in the early-stage market after the historic highs of 2021, and ended with those fears fully realized. Activity rate (the share of startups that raised a round or exited) and positive activity (the share of startups that raised a round or exited at a valuation increase) fell by 5 percentage points in 2022 over the previous year—but that stat obscures the severity of the decline in the latter half of 2022.

4Q22 ended with a positive activity rate of 67%, a 17 percentage point decline from the start of the year. 4Q22’s activity rate of 7.4% was a 4.2 percentage point decline from 1Q22. In short, fewer startups went out to raise in the latter half of 2022, and of those that did, a significantly smaller percentage raised at a markup.

These increasingly less favorable market conditions for startups may be good news for investors. While median and average valuations increased YoY, they showed marked declines in 4Q22, indicating the market is becoming more buyer-friendly.

average pre money valuation by round

The 2022 State of U.S. Early-Stage Venture & Startups report is written in collaboration with data partner Silicon Valley Bank. Our combined datasets offer detailed insight into how capital flowed into and out of early-stage startups in 2022.

Additional key findings from this quarter’s report include:

Most popular early-stage markets
Funding to female founders
Investment volume by instrument
Investment volume by round
Startup spending activity
Startup payroll spend
Median startup revenues
Startup spend by vendor
Growth in VC dry powder
VC predictions for 2023

Access the report.

Disclaimer

All data referenced in this material is current as of 1/1/23, unless otherwise mentioned. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision and does not constitute an offer of any kind. Past performance is not indicative of future results. The content speaks only as of the date indicated. We undertake no obligations to update them in the future. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Published:

January 18, 2023

Written by

Matthew Speiser

Writer, AngelList

Written by

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