Venture capital firms are on pace to have the lowest fundraising year since 2017, according to a preliminary report by PitchBook and the National Venture Capital Association.
In the first quarter, 99 venture capital funds raised a total of $11.7 billion, compared to $170.8 billion raised by 892 funds in all of 2022. In 2017, 660 funds raised a total of $45.6 billion.
Two funds that closed in the first quarter raised $1 billion or more, compared to 36 in all of 2022, the preliminary report shows.
Exits were also down in the quarter ended March 31 with a combined $5.8 billion worth of exits, amounting to less than 1% of the total exit value in all of the record year of 2021.
