硅谷银行（SVB）：2022Q3美国早期风险投资和初创企业发展现状报告（英文版）（21页）.pdf

1、The State of U.S.Early-Stage Venture&Startups:3Q22Date:10/20/22Table of ContentsVenture Capital(Commentary by AngelList)3Venture Executive Summary3Markups4Rate of Activity5Valuation(Average)6Valuation(Percentile)7Early-Stage VC by Market8Funding to Female Founders9Early-Stage Investment Instruments1

2、0Deal Share by Round Name11Startup Spend(Commentary by Silicon Valley Bank)11Startup Spend Executive Summary11Median Quarterly Total Spend by Sector12Median Quarterly Payroll Spend by Sector13Payroll Spend Range by Sector14Revenue Range by Sector15Spotlight:Blockchain and Crypto16About This Report17

3、About Silicon Valley Bank17About AngelList17Authors17Legal Disclaimers18Methodology1923Venture Executive SummaryIn 3Q22,early-stage venture performance continued its downward spiral from the heights of the post-COVID bull market.All in,the third quarter showed the lowest rate of positive venture act

4、ivity(i.e.“markups”)ever observed in our data set,while deal volume decreased to levels not seen since the onset of the pandemic.The slowdown in deal volume was seen at all funding stages,indicating that turbulence in the broader market has finally trickled down to early-stage startups(previously,mo

5、st of the negative activity was related to later-stage deals).Notably,the share of capital deployed via equity rounds fell off sharply in the third quarter,while the share of capital deployed via SAFEs and debt both continued to increase.Despite fewer deals,early-stage startup median valuations rema

6、ined consistent with previous quarters,while later-stage valuations further declined(average valuations declined across all stages).After three straight quarters capturing the largest share of deals,Web3 was supplanted by fintech as the most popular investment category in 3Q22.Waning investor enthus