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The State of U.S. Early-Stage Venture & Startups: 2Q22

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The State of U.S. Early-Stage Venture & Startups: 2Q22

2Q22 saw the largest quarterly decline in VC performance ever observed in our dataset.

Writer, AngelList

Matthew Speiser

Published

July 19, 2022

2Q22 represents the largest single-quarter decline in venture capital performance (deal volume and tenor) ever observed in our dataset.
Activity rate fell by 2.3% and markup rate fell by 5.5% over the previous quarter.
Median valuations increased at Series A and held steady at pre-seed and seed.
The share of later-stage deals on AngelList decreased in 2Q22, while the share of seed-stage deals increased.
Despite the broader crypto market decline, Web3 startups on AngelList continued to capture the largest share of deals and capital deployed in 2Q22.
Startup spend continued to increase in 2Q22, but payroll spend growth slowed.
Read all our findings in our 2Q22 State of U.S. Early-Stage Venture & Startups report.

After an extended bull run, early-stage venture performance on AngelList came crashing down to earth in 2Q22. A 2.3% decline in deal activity and a 5.5% decline in positive activity rate (markups) represents the largest single-quarter “negative” movement ever observed in our dataset.

startup activity in 2q22

Overall, 9.3% of the 8,306 startups (primarily at pre-seed and seed) that AngelList GPs have seasoned investments into raised a round or exited in 2Q22. Of that activity, 77.5% was “positive” (share price increase). This marks the first time both activity and markups posted a quarterly decline since 2Q20. The decline in activity was the largest such decline since 2Q18.

Despite the downturn, startup valuations on AngelList largely held steady—and, in some cases, increased. Valuation data suggests that, while fewer startups were able to raise funding, those that did raise a round did so at valuation benchmarks established during the recent bull run.

The 2Q22 State of U.S. Early-Stage Venture & Startups report is made in collaboration with Silicon Valley Bank. Our combined datasets offer detailed insight into how capital flowed into and out of early-stage startups in 2Q22.

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
Total startup spend
Startup payroll spend
Median startup revenues
Top U.S. tech hubs in 2022

Access the report.

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Disclaimer

All data referenced in this material is current as of 7/1/22, 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:

July 19, 2022

Written by

Matthew Speiser

Writer, AngelList

Written by

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