Ülemaailmne idufirmade rahastamine 2023. aastal on viimase viie aasta madalaim

A slower final quarter ended a lackluster year for global startup funding as venture capital investors continued to hold back in 2023, Crunchbase andmed näitavad.

In all, 2023 is on pace to be the lowest for venture funding since 2018. Global startup investment in 2023 reached $285 billion — marking a 38% decline year over year, down from the $462 billion invested in 2022.

Cutbacks were deep across all funding stages globally. Early-stage funding in 2023 was down more than 40% year over year, late stage by 37%, and seed just over 30%.

It’s worth keeping some perspective, though: Overall funding in 2023 was down by less than 20% when compared to the pre-pandemic years of 2018 to 2020.

Sisukord

As US goes, so does the globe

Two years into the slowdown, the venture markets are still reckoning with the funding boom of 2021. The fall in tech stocks and a slowdown of the IPO market since the beginning of 2022 has tempered the industry. Valuations set in 2021 did not hold up in 2023, as promising companies raised flat and down rounds.

Startups last year navigated a tough funding environment, tightened their belts and focused on unit economics. Layoffs across tech deepened in 2023.

Investors deployed capital more sparingly, with a higher bar at each stage.

“You can get higher ownership as a fund than you could in 2021,” said Michael Cardamone New Yorgis asuvast iduinvestorist Foorumi ettevõtmised. The current funding environment favors funds and is more difficult for startup founders, he said.

The U.S. — the largest startup investment market with about half of all venture funding — mirrored global trends. Funding to U.S.-based startups in 2023 totaled $138 billion, down by 37% year over year.

AI leads

While most industries were down year over year, AI was the largest sector to show an increase. Global funding to AI startups reached close to $50 billion last year, up 9% from the $45.8 billion invested in 2022. The largest fundings in 2023 went to foundation model companies OpenAI, Antroopne ja Kääne AI, which collectively raised $18 billion in 2023.

Insurtech, semiconductors and battery tech also all saw increased investment in 2023.

Two industries, however, stood out as performing better than broader market declines. Manufacturing and cleantech startups were down in 2023 year over year, but by less than 20%.

Web3 and consumer tumble

Web3, which experienced a runup in 2021 and into 2022, fell 73% year over year in 2023, from $28 billion to $7.6 billion.

Other leading sectors that were down year over year include financial services (down over 50%), e-commerce and shopping (down 60%), and media and entertainment (down 64%).

Q4 tapers off

Q4 marks the lowest quarter for global venture funding in 2023. Quarterly funding totaled $58 billion, down 24% quarter over quarter and 25% year over year.

Seemnete rahastamine

Seed funding totaled $7 billion in Q4, down just over 20% year over year from $9 billion.

Despite the cutbacks at seed, it is seen to be the most robust funding stage with new companies funded. And as it became more challenging to raise a Series A round, companies were more likely to raise follow-on seed funding.

Varajane

Early-stage funding declined the most in 2023 compared to other funding stages.

In the fourth quarter, early-stage funding totaled close to $23 billion, down a tad quarter over quarter, and down 32% year over year from $33 billion.

Hilja

Late-stage funding in the fourth quarter was 25% of the volume of the peak in Q4 2021.

Fourth-quarter funding reached $28.6 billion, down close to 20% year over year.

Funding at this stage fluctuated throughout 2023 as large fundings went to AI, semiconductor, battery and clean energy companies.

With the increased number of companies funded in recent years, and the tightening funding markets, we expect the layoffs of 2023 will give way to more companies closing in 2024.

The venture markets got more disciplined in 2023. Without a bump in exits, 2024 will continue to be tough for founders in a funders market.

Metoodika

Selles aruandes sisalduvad andmed pärinevad otse Crunchbase'ist ja põhinevad esitatud andmetel. Esitatud andmed on 3. jaanuari 2024 seisuga.

Pange tähele, et andmete viivitused on kõige märgatavamad riskikapitalitegevuse varases staadiumis, kusjuures algfinantseerimise summad suurenevad oluliselt pärast kvartali/aasta lõppu.

Pange tähele, et kõik rahastamisväärtused on esitatud USA dollarites, kui pole märgitud teisiti. Crunchbase konverteerib välisvaluutad USA dollariteks kehtiva hetkekursi alusel alates rahastamisvoorude, omandamiste, IPOde ja muude finantssündmuste kajastamise kuupäevast. Isegi kui need sündmused lisati Crunchbase'i kaua pärast sündmuse väljakuulutamist, konverteeritakse välisvaluutatehingud ajaloolise hetkehinnaga.

Rahastamistingimuste sõnastik

Oleme alates 2023. aasta jaanuarist muutnud ettevõtete rahastamisvoorude kaasamist oma aruandlusesse. Ettevõtete voorud kaasatakse ainult siis, kui ettevõte on kaasanud omakapitali rahastamise idufirma riskikapitali rahastamise vooru kaudu.

Seeme ja ingel koosneb seemne-, eelseemne- ja inglivoorudest. Crunchbase sisaldab ka tundmatute seeriate riskikapitali, ühisrahastamist ja konverteeritavaid võlakirju hinnaga 3 miljonit dollarit (USD või USA dollari ekvivalent konverteeritud kujul) või vähem.

Varajane etapp koosneb A- ja B-seeria voorudest, aga ka muudest voorutüüpidest. Crunchbase sisaldab tundmatute seeriate, ettevõtete ettevõtmise ja muid voorusid, mis on suuremad kui 3 miljonit dollarit, ja vähem kui 15 miljonit dollarit.

Hilisem staadium koosneb C-, D- ja E-seeriatest ning hilisemate tähtedega ettevõtmise voorudest, mis järgivad “Seeria [kiri]” nimetamiskonventsiooni. Kaasatud on ka tundmatute seeriate ettevõtmise voorud, ettevõtete ettevõtmised ja muud 15 miljoni dollari suurused voorud.

Tehnoloogiakasv on erakapitali voor, mille on tõstnud ettevõte, mis on varem kaasanud "ettevõtlusringi". (Seega põhimõtteliselt mis tahes ring eelnevalt määratletud etappidest.)