The amount of money venture outfits invested in startups nationwide in the first quarter was the second-lowest quarterly total since 2019, according to new data from the National Venture Capital Association and PitchBook, an industry research firm. The estimated number of deals completed in the quarter was well below the levels seen as recently as two years ago.
However, with San Francisco and the wider Bay Area being the nation’s leading hub for startup activity and investment, a continued downturn could have big implications for The City and regional economy. Last year, nearly one in five dollars invested in startups nationwide went to ones based in San Francisco proper.
Meanwhile, the average venture growth round was $31.8 million in the first quarter. On an annual basis, that would be the lowest average since 2013. Ex // Top Stories SF advocates file brief in Supreme Court homelessness case Group wants high court to affirm lower-court ruling that penalizing public sleeping without offering shelter violates Constitution
U.S. startups closed 3,925 venture deals in the first quarter, according to PitchBook and NVCA’s estimates. That number includes both the deals the outfits recorded and additional ones they believe from past trends also closed but haven’t yet been disclosed.