2023-07-04-PitchBook-美国风险投资展望_2023年上半年跟进（英）_10页_497kb

Despite nearly half of 2023 passing, the US venture capital market remains sluggish, marked by a post-boom slowdown. Key trends include widespread down rounds in Series C and D rounds, driven by capital scarcity, while seed-stage valuations and deal sizes continue to reach new highs. SPAC activity has declined sharply, and liquidations are increasing. Mega-round activity is at a three-year low, and total fundraising is expected to fall significantly, but venture-growth deals and seed stage show resilience amidst economic headwinds and banking sector disruptions, like the SVB collapse.

• Overall market outlook: Slowed from 2021-2022 highs, with reduced deal volumes and values, particularly in later stages.
• Unicorn Index: Expected negative return for 2023 but remains positive in H1.
• Down rounds: Most prevalent in Series C and D; late-stage companies face greater capital imbalance.
• Seed stage: Pre-money valuations and deal sizes at all-time highs, fueled by corporate VC involvement.
• SPACs: IPOs and mergers are declining, with increased liquidations due to poor performance and recession fears.
• Venture-growth deals: 2023 deal value likely below $50 billion, influenced by reduced non-VC capital.
• Mega-rounds: Activity below 400 deals, a three-year low, with most deals involving companies like OpenAI.
• Fundraising: Expected to range between $120B and $130B, down from prior peaks.