1、The State of U.S.Early-stage Venture&Startups:2022Published January 18,20232Venture Capital3Venture Executive Summary3Markups4Rate of Activity5Valuation(Average)6Valuation(Median)7Early-Stage VC by Market8Funding to Female Founders9Early-Stage Investment Instruments10Deal Share by Round Name11Startu

2、p Spend11Startup Spend Executive Summary11Median Quarterly Total Spend by Sector12Median Quarterly Payroll Spend by Sector13Payroll Spend Range by Sector14Revenue Range by Sector15Top 10 Vendors Per Spend Category16Venture Capital Dry Powder162023 VC Predictions17About AngelList24About Silicon Valle

3、y Bank24Authors25Legal Disclaimers26Methodology27TOC3Early-stage venture performance saw a slow,and then sudden,decline in 2022.Following a historically great 2021,many anticipated a pullback in 2022 as macro headwinds materialized.However,early-stage venture performed reasonably well relative to th

4、e broader market in 1Q22 and 2Q22,with positive activity rates(share of deals that raised at a valuation increase)of 83%and 77.5%respectively.This level of performance would have been considered“typical”prior to the COVID bull run of 2020-2021.In 3Q22,turbulence in the broader market trickled down t

5、o the early-stage market in a major way,with deal volume and positive activity dropping to levels not seen since the onset of the pandemic.While positive activity rebounded slightly in 4Q22,early-stage venture capital(VC)performance remained historically depressed at the end of 2022.Concerns of a do

6、wnturn at the start of last year were fully realized.Overall,29%of startups on AngelList raised a round or exited in 2022(down from 34%in 2021).83%of those startups saw their share price increase(i.e.,“markup”or“exit up”).While this is only a 5 percentage point decline from 2021s rate of 88%,it obsc