1、1PitchBook Data,Inc.John Gabbert Founder,CEONizar Tarhuni Senior Director,Institutional Research&EditorialDylan Cox,CFA Head of Private Markets ResearchInstitutional Research GroupAnalysisOur analysts outlook on the venture market in 20232023 US Venture Capital OutlookPublished on December 16,2022Pu

2、blishingDesigned by Chloe LadwigDataSusan Hu Data Analystpbinstitutionalresearch PitchBook is a Morningstar company providing the most comprehensive,most accurate,and hard-to-find data for professionals doing business in the private markets.2023 outlooksp.2 The Morningstar PitchBook US Unicorn Index

3、 will show a negative return from January 1,2023 through December 31,2023.p.4 Series C and D rounds will see the most down rounds,as these companies are currently the most starved for capital.p.6 Seed-stage startup valuations and deal sizes will continue their ascent,reaching new annual highs despit

4、e a slowdown in total deal value and count.p.8 SPAC IPOs and mergers will continue to decline while liquidations will continue to increase in 2023.p.10 Venture growth deal value will fall below$50 billion in the US.p.12 2023 US VC mega-round activity will fall below 400 deals,hitting a three-year lo

5、w.p.14 US VC fundraising will fall between$120 billion and$130 billion in 2023.Kyle Stanford,CAIA Senior Analyst,US Venture LMax Navas Analyst,Venture CVincent HarrisonAnalyst,Venture CAlex Warfel,CFA Quantitative Research Analyst 2PitchBook Analyst Note:2023 US Venture Capital OutlookOutlook:The Mo

6、rningstar PitchBook US Unicorn Index will show a negative return from January 1,2023 through December 31,2023.Rationale:As of December 1,2022,the US Unicorn Index has returned 1.0%YTD,while our VC-Backed IPO Index is down 59.1%.This difference is due to several factors,not the least of which being t